Title
Resolution Authorizing the Issuance and Sale of Approximately $3,030,000 Taxable Note Anticipation Notes, Series 2006B, pursuant to Section 67.12(1)(b), Wisconsin Statutes.
Body
WHEREAS the City of West Allis, Milwaukee County, Wisconsin (the "City") is presently in need of the sum of $3,030,000 for the public purpose of providing financial assistance to community development projects under Section 66.1105, Wisconsin Statutes, in the City's Tax Incremental Districts No. 6 and No. 9; and
WHEREAS the City intends to issue taxable general obligation promissory notes (the "Securities") for such purpose; and
WHEREAS the Securities have not yet been issued and sold; and
WHEREAS it is now necessary and desirable to anticipate the issuance of the Securities and to provide interim financing for the projects to be financed by the Securities by the issuance and sale of note anticipation notes pursuant to Section 67.12(1)(b), Wisconsin Statutes; and
WHEREAS due to certain provisions contained in the Internal Revenue Code of 1986, as amended, the note anticipation notes are to be issued on a taxable rather than tax-exempt basis; and
WHEREAS the City has duly received bids for its proposed issue of Taxable Note Anticipation Notes, Series 2006B (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 set forth in the Proposal 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...
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