Title
Resolution approving Memorandum of Understanding between the City of West Allis, the Wisconsin Exposition Center, and the Milwaukee Mile relative to signage at the Milwaukee Mile Race Track.
Body
WHEREAS, the City of West Allis, Wisconsin, originally issued $44,895,000 of Variable Rate Demand Revenue Bonds, Series 2001, dated August 1, 2001, by Resolution No. 26850 dated July 2, 2001; and,
WHEREAS, said bonds were amended and restated, including the Indenture of Trust, Loan Agreement, and Collateral Documents, by Resolution No. 2006-0202, dated August 1, 2006; and,
WHEREAS, the initial funding mechanism waived certain processing fees in lieu of signage at the Milwaukee Mile; and,
WHEREAS, in approving the refinancing, the City was assured that such signage would be realized; and,
WHEREAS, a Memorandum of Understanding has been prepared outlining the details of said signage at the Milwaukee Mike Race Track.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of West Allis that the attached Memorandum of Understanding be and is hereby approved.
BE IT FURTHER RESOLVED that the proper City officials are hereby authorized and directed to execute the Memorandum of Understanding on behalf of the City.
ADM\ORDRES\ADMR327