Title
Resolution approving the Interest Cost Reimbursement Agreement by and between the City of West Allis and Rogers Memorial Hospital, Inc.
Body
WHEREAS, the City of West Allis (the "City") and the Community Development Authority of the City of West Allis (the "Authority") have received a request from Rogers Memorial Hospital, Inc. to issue $10,000,000 of redevelopment revenue bonds (the "Bonds") to finance improvements to its mental health hospital facility in the City; and,
WHEREAS. the inability of the City to designate the City Obligations as qualified tax exempt obligations would result in increased interest costs for the City; and
WHEREAS the City and the Authority would not issue the Bonds without an agreement by the Hospital to compensate the City for this increased interest cost; and,
WHEREAS the hereby attached Interest Cost Reimbursement Agreements will keep the City whole regarding interest and all costs associated with the issuance of the Bonds.
NOW THEREFORE BE IT RESOLVED by the Common Council of the City of West Allis that is hereby approves the Interest Cost Reimbursement Agreement by and between the City of West Allis and Rogers Memorial Hospital, Inc.
BE IT FURTHER RESOLVED that the City Attorney be and is hereby authorized to make such substantive changes, modifications, additions and deletions to and from the various provisions of the Amendment, including any and all attachments, exhibits, addendums and amendments, as may be necessary and proper to correct inconsistencies, eliminate ambiguity and otherwise clarify and supplement said provisions to preserve and maintain the general intent thereof, and to prepare and deliver such other and further documents as may be reasonably necessary to complete the transactions contemplated therein.
BE IT FURTHER RESOLVED that the City Clerk is hereby authorized to execute said Interest Cost Reimbursement Agreement on behalf of the City of West Allis.