Title
Resolution Awarding the Sale of $2,945,000 General Obligation Corporate Purpose Bonds.
Body
WHEREAS, on February 17, 2009, the Common Council of the City of West Allis, Milwaukee County, Wisconsin (the "City") adopted initial resolutions authorizing the issuance of general obligation bonds in an amount not to exceed $1,800,000 for the public purpose of financing sanitary sewer improvements; in an amount not to exceed $1,000,000 for the public purpose of financing water system improvements; and in an amount not to exceed $1,745,000 for the public purpose of financing community development projects in Tax Incremental District No. 5 (collectively, the "Initial Resolutions");
WHEREAS, pursuant to the provisions of Section 67.05, Wisconsin Statutes, within 15 days following the adoption of the Initial Resolutions, the City Clerk caused a notice to electors to be published in the My Community NOW-Midwest, stating the purpose and maximum principal amount of the bond issues authorized by the Initial Resolutions and describing the opportunity and procedure for submitting a petition requesting a referendum on the bond issues authorized by the Initial Resolutions;
WHEREAS, to date, no petition for referendum has been filed with the City Clerk, and the time to file such a petition shall expire on March 19, 2009;
WHEREAS, on February 17, 2009, the Common Council of the City also adopted a resolution providing that general obligation bonds authorized by the Initial Resolutions be combined, issued and sold as a single issue of bonds designated as "General Obligation Corporate Purpose Bonds" (the "Bonds") for the purpose of paying costs of the projects described in the Initial Resolutions (the "Project");
WHEREAS, the Common Council hereby finds and determines that the Project is within the City's power to undertake and therefore serves a "public purpose" as that term is defined in Section 67.04(1)(b), Wisconsin Statutes;
WHEREAS, the City has directed its finan...
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