Title
Resolution relative to authorizing the borrowing of up to $250,000 from the Wisconsin State Trust Fund at an interest rate of 3.5 percent for a term of 5 years for the purpose of redevelopment of TIF #10 including property acquisition, environmental remediation and demolition of properties and no other purposes.
Body
WHEREAS, by the provisions of Sec. 24.66 of the Wisconsin Statutes, all municipalities may borrow money for such purposes in the manner prescribed, and,
WHEREAS, by the provisions of Chapter 24 of the Wisconsin Statues, the Board of Commissioner of Public Lands of Wisconsin is authorized to make loans from the State Trust Funds to municipalities for such purposes. (Municipality as defined by Sec. 24.60(2) of the Wisconsin Statutes means a town, village, city, county, public inland lake protection and rehabilitation district, town sanitary district created under Sec 60.71 or 60.72, metropolitan sewerage districted created under Sec. 200.05 or 200.23, joint sewerage system under Sec. 281.43 (4), school district or technical college district.)
THEREFORE, BE IT RESOLVED, that the City of West Allis, in the County of Milwaukee, Wisconsin, borrow from the Trust Funds of the State of Wisconsin the sum of Two Hundred Fifty Thousand and 00/100 Dollars ($250,000) for the purpose of financing land acquisition, environmental remediation and demolition of properties and for no other purpose.
The loan is to be payable within 5 years for the 15th day of March preceding the date the loan is made. The loan will be repaid in annual installments with interest at the rate of 3.5 percent per annum from the date of making the loan to the 15th day of March next and thereafter annually as provided by law.
RESOLVED FURTHER, that there shall be raised and there is levied upon all taxable property, within the City of West Allis, in the County of Milwaukee, Wisconsin a direct annual tax for the purpose of paying interest and principal on the loan as they...
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