Title
Resolution authorizing the issuance and sale of $3,830,000 Taxable Bond Anticipation Notes, Series 2005C, pursuant to Section 67.12(1)(b), Wisconsin Statutes.
Body
WHEREAS on March 15, 2005, the Common Council of the City of West Allis, Milwaukee County, Wisconsin (the "City") adopted a resolution (the "Initial Resolution"), authorizing the issuance of general obligation bonds pursuant to Chapter 67 of the Wisconsin Statutes in an amount not to exceed $8,030,000 for the public purpose of providing financial assistance to community development projects under Section 66.1105, Wisconsin Statutes, in the City's Tax Incremental District No. 5; and
WHEREAS the Common Council has determined that the City is presently in need of $3,830,000 for the purpose of financing certain of those projects; and
WHEREAS the City intends to issue taxable general obligation bonds (the "Securities") for such purpose pursuant to the Initial Resolution; 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 bond 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 bond 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 Bond Anticipation Notes, Series 2005C (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 Com...
Click here for full text