Title
Resolution Authorizing the Issuance and Sale of $6,885,000 General Obligation Promissory Notes.
Body
WHEREAS, the Common Council hereby finds and determines that it is necessary, desirable and in the best interest of the City of West Allis, Milwaukee County, Wisconsin (the "City") to raise funds for public purposes, including financing general capital projects consisting of improvements to streets, sidewalks, alleys and related expenditures, projects included in the project plans for the City's Tax Incremental Districts No. 5 and 7, and energy and operational savings projects, including lighting, building envelope and heating, ventilating and air conditioning improvements to City buildings and traffic signal retrofits (the "Project"), and there are insufficient funds on hand to pay said costs;
WHEREAS, the Common Council heretofore adopted a resolution on February 17, 2009 directing its financial advisor, Stifel, Nicolaus & Company, Incorporated ("Stifel") to take the steps necessary to sell General Obligation Promissory Notes (the "Notes") in an amount not to exceed $6,885,000 to pay costs of the Project;
WHEREAS, Stifel, in consultation with the officials of the City, prepared an Official Notice of Sale (a copy of which is attached hereto as Exhibit A and incorporated herein by this reference) setting forth the details of and the bid requirements for the Notes and indicating that the Notes would be offered for public sale on March 17, 2009;
WHEREAS, the City Clerk (in consultation with Stifel) caused notice of the sale of the Notes to be published and/or announced and caused the Official Notice of Sale to be distributed to potential bidders offering the Notes for public sale;
WHEREAS, the City has duly received bids for the Notes as described on the Bid Tabulation attached hereto as Exhibit B and incorporated herein by this reference (the "Bid Tabulation");
WHEREAS, it has been determined that the bid proposal (the "Proposal") submitted by the ...
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