Title
Resolution Providing for the Sale of $3,070,000 Taxable Note Anticipation Notes of the City of West Allis.
Body
WHEREAS the City of West Allis, Milwaukee County, Wisconsin (the "City) is presently in need of an amount not to exceed $3,070,000 for the public purpose of providing financial assistance to community development projects under Section 66.1105, Wis. Stats., in the City's Tax Incremental Districts No. 6 and No. 9 (the "Projects"); and
WHEREAS it is desirable to borrow said funds through the issuance of note anticipation notes pursuant to Section 67.12(1)(b), Wis. Stats.; and
WHEREAS the Projects must be financed on a taxable basis, due to the requirements of the Internal Revenue Code of 1986, as amended;
NOW, THEREFORE, BE IT RESOLVED that:
1. The City shall issue its Taxable Note Anticipation Notes (the "Notes") in an amount not to exceed $3,070,000 for the purpose above specified.
2. The City Clerk shall cause the sale of the Notes to be publicized in such manner and at such times as the Clerk may determine and cause copies of the complete Official Notice of Sale and other pertinent data to be sent to interested bidders as the Clerk may determine.
3. At its meeting on September 19, 2006, the Common Council shall consider such bids as may have been received and take action thereon.
4. The City Clerk shall cause an Official Statement concerning this issue to be prepared by the City's financial consultant, Stifel, Nicolaus & Company, Incorporated. The appropriate City officials shall determine when the Official Statement is final for purposes of Securities and Exchange Commission Rule 15c2-12 and shall certify said Statement, such certification to constitute full authorization of such statement under this resolution.
ADM\ORDRES\ADMR.3070K TaxNote 0906