Title
Resolution providing for the sale of $4,430,000 Taxable General Obligation Community Development Bonds of the City of West Allis.
Body
WHEREAS the Common Council of the City of West Allis, Milwaukee County, Wisconsin (the "City") has adopted an initial resolution (the "Initial Resolution") authorizing the issuance of general obligation bonds in an amount not to exceed $4,430,000 to finance community development projects by paying project costs of Tax Incremental Districts No. 11 and No. 14; and
WHEREAS, due to certain provisions contained in the Internal Revenue Code of 1986, as amended, it is necessary to issue such bonds on a taxable rather than tax-exempt basis.
NOW, THEREFORE, BE IT RESOLVED that:
1. The City shall issue the general obligation bonds authorized by the Initial Resolution in an aggregate principal amount not to exceed $4,430,000 which bonds shall be designated "Taxable General Obligation Community Development Bonds" (the "Bonds").
2. The City Clerk shall cause the sale of the Bonds 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 a subsequent meeting, 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 Ehlers & Associates, Inc. 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\ADMR551