Title
Resolution authorizing the issuance and sale of General Obligation Promissory Notes, Series 2003, of the City of West Allis.
Body
WHEREAS the City of West Allis, Milwaukee County, Wisconsin (sometimes hereinafter called the "City") is presently in need of the sum of Five Million Six Hundred Sixty Thousand Dollars ($5,660,000) for public purposes, including paying part of the costs of projects included in the City's 2003 Capital Improvement Program (consisting of improvements to streets, alleys and sidewalks and electrical improvements) and refunding obligations of the City, including interest on them; and
WHEREAS the Common Council deems it necessary and in the best interest of the City that the monies needed for such purposes be borrowed by issuing general obligation promissory notes pursuant to the provisions of Section 67.12(12), Wis. Stats., upon the terms and conditions hereinafter provided; and
WHEREAS the City has duly received bids for its proposed issue of General Obligation Promissory Notes, Series 2003 (the "Notes") as described on the bid tabulation attached hereto as Exhibit A and incorporated herein by this reference; and
WHEREAS it has been determined that the best bid received was that submitted by the bidder (the "Purchaser") whose bid is attached hereto as Exhibit B and incorporated herein by this reference (the "Proposal");
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis, Milwaukee County, Wisconsin, that:
Section 1. Award. The bid of the Purchaser for the purchase price of $5,657,431.35 be and it hereby is accepted and the Mayor and City Clerk are authorized and directed to execute an acceptance of the offer of said successful bidder on behalf of the City. The good faith deposit of the Purchaser shall be retained by the City Treasurer until the closing of the note issue, and any good faith deposits submitted by unsuccessful bidders shall be promptly returned.
Section 2. The Note...
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