Title
Resolution Approving Application to Board of Commissioners of Public Lands to Borrow $5,000,000.00 from the State Trust Funds, and Authorizing the Borrowing and the Issuance of Certificates of Indebtedness and Levying a Tax in Connection Therewith.
Body
Whereas, the following preamble and resolutions were presented by Mayor Devine and were read into the meeting.
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 Statutes, the Board of Commissioners 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), 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 district created under sec. 200.05 or 200.23, joint sewerage system created 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 Five Million 00/100 Dollars ($5,000,000.00) for the purpose of financing TIF #11 Economic Development Project and for no other purpose.
The loan is to be payable within 20 years from 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 4.00 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 bec...
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