Title
Resolution Awarding the Sale of $17,605,000 Taxable General Obligation Refunding Bonds, Series 2010A.
Body
By Administration and Finance Committee
WHEREAS, on February 16, 2010, the Common Council of the City of West Allis, Milwaukee County, Wisconsin (the "City") adopted an initial resolution authorizing the issuance of taxable general obligation bonds in an amount not to exceed $17,715,000 for the public purpose of refunding obligations of the City, including interest on them (the "Initial Resolution");
WHEREAS, on February 16, 2010, the Common Council of the City also adopted a resolution (the "Set Sale Resolution"), providing, among other things, for the issuance and sale of not to exceed $17,715,000 Taxable General Obligation Refunding Bonds (the "Bonds") for the purpose authorized by the Initial Resolution; specifically, refunding the obligations described on Schedule 1 hereto (the "Refunded Obligations") (hereinafter the refinancing of the Refunded Obligations shall be referred to as the "Refunding");
WHEREAS, due to certain provisions contained in the Internal Revenue Code of 1986, as amended, the Bonds are to be issued on a taxable rather than tax-exempt basis;
WHEREAS, pursuant to the Set Sale Resolution, the City directed its financial advisor, Ehlers & Associates, Inc. ("Ehlers") to take the steps necessary to sell the Bonds;
WHEREAS, Ehlers, in consultation with the officials of the City, prepared a 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 Bonds and indicating that the Bonds would be offered for public sale on March 16, 2010;
WHEREAS, the City Clerk (in consultation with Ehlers) caused notice of the sale of the Bonds to be published and/or announced and caused the Notice of Sale to be distributed to potential bidders offering the Bonds for public sale;
WHEREAS, the City has duly received bids for the Bonds a...
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