Title
Resolution awarding the sale of $16,445,000 Taxable General Obligation Refunding Bonds, Series 2016B.
Body
WHEREAS, on March 15, 2016, 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 $16,570,000 for the public purpose of refunding obligations of the City, including interest on them (the "Initial Resolution");
WHEREAS, on March 15, 2016, the Common Council of the City also adopted a resolution (the "Set Sale Resolution") providing that the taxable general obligation bonds authorized by the Initial Resolution be issued and sold as a single issue of bonds designated as "Taxable General Obligation Refunding Bonds, Series 2016B" (the "Bonds") for the purpose of paying the cost of the refunding described in the Initial Resolution;
WHEREAS, the obligations to be refunded are the City's Taxable General Obligation Corporate Purpose Bonds, dated March 27, 2009 (the "2009 Bonds") maturing in the years 2020 through 2024 and the Taxable General Obligation Refunding Bonds, Series 2010A, dated March 29, 2010 (the "2010 Bonds") maturing in the years 2019 through 2029 (collectively, 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 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 fo...
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