CCR1978052RESOLUTION 52-78
CITY OF MUSKEGO, WISCONSIN
INDUSTRIAL DEVELOPMENT REVENUE BONDS
INITIAL RESOLUTION REGARDING
authorized by Section 66.521 Wisconsin Statutes, as amended (the
WHEREAS, the City of Muskego, Wisconsin (the "City") , is
"Act"), to, among other powers, (i) construct, equip, reequip,
acquire by gift, lease or purchase, install, reconstruct, rebuild,
rehabilitate, improve, supplement, replace, maintain, repair, enlarge,
extend or remodel industrial projects, (ii) enter into revenue producing
agreements for the same in order to promote the right to gainful
employment, business opportunities and general welfare of its
inhabitants and to preserve and enhance its tax base, (iii) borrow
money and issue bonds to finance costs related to such industrial
projects, which bonds are to be payable solely out of the revenues
derived pursuant to the revenue agreement pertaining to the project
to be financed by the bonds so issued and, in the event of default of
such agreement, as may be authorized by this Council and permitted by
law, and which bonds may be secured by a mortgage and/or security
interest in the project or other security; and
of Joseph J. Surinak, Harriet G. Surinak and John J. Surinak (said
individuals being the principal stockholders of Surinak Engineering
a Wisconsin corporation (the "Company"), [Surinak Development and
& Manufacturing, Inc.) and Surinak Engineering & Manufacturing, Inc.
the Company being hereinafter called the "Participants"], have
represented to the City that they need to acquire land in the
City to construct an industrial building thereon and to purchase
equipment to be installed in such building, all to be initially
manufacturing, storing and distributing products used in the water
utilized by the Company in connection with its business of
well industry (which land, building and financed equipment and
related improvements are herein called the "Project"), for an
with the City as to the feasibility of undertaking the Project in
estimated cost not to exceed $500,000; and have had negotiations
costs of the Project through the issuance by the City of its
the City or elsewhere and as to the financing of part or all of the
industrial development revenue bonds pursuant to the Act.
WHEREAS, Surinak Development, a general partnership consisting
the City of Muskego:
NOW, THEREFORE, BE IT RESOLVED by this Common Council of
by the City from the development of the Project in the City, and
to induce and encourage the Participants to undertake the Project
in the City, the City intends to consummate a Project Financing
Agreement pursuant to which the City shall:
1. In view of the considerable benefits to be derived
by the Participants industrial development revenue bonds
in the aggregate amount of not to exceed $500,000 in
order to finance costs related to the Project, which
bonds shall be payable solely from the revenues derived
from a revenue agreement with respect to the Project
and in the event of default of such agreement, as may
be authorized by this Council and permitted by law;
(a) Issue, sell and deliver to purchasers procured
(b) Acquire part or all of the Project, if
Agreement;
necessary and proper pursuant to such Project Financing
(c) Enter into a revenue agreement with the
Participants with respect to at least that part of the
Project financed by industrial revenue bonds, providing
revenues sufficient to pay principal of, and interest
on, the bonds when due, providing for construction,
acquisition and/or installation of part or all of the
provide for the right of the Participants to acquire
Project by the Participants and which may further
that part of the Project which the City shall have
acquired previously, for the aggregate amount equal to
plus One Dollar (~$1.00) or such other sum as may be
the amount required to retire all the outstanding bonds
required by law; and
pledge the revenues and other amounts therefrom to the
bondholders or to a trustee under an indenture of trust
may be deemed necessary, if any, including but not
and enter into such other appropriate arrangements which
interest in part or all of the Project, in order to
limited to, the granting of a mortgage and/or security
further secure payment of principal of, premium, if any,
and interest on the bonds.
2. The bonds issued to finance costs of the Project shall
(d) Assign the revenue producing agreement and
never constitute an indebtedness of the City within the meaning
of any state constitutional provision or statutory limitation
and shall not constitute or give rise to a pecuniary liability
of the City or a charge against its general credit or taxing powers.
be assessed to the user of such part of the Project in the same
manner and amount as though such user owned such part.
3. If the City owns any part of the Project, taxes shall
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authorized to negotiate the terms of the Project Financing Agree-
ment, revenue producing agreement, any instruments of conveyance,
properly complete the financing provided that all of such terms,
indenture of trust, if any, and any other documents required to
documents and procedures shall be subject to the conditions of
this Resolution and the provisions of the Act and shall not be
4. The appropriate officers of the City are hereby
,e binding unless and until:
(a) The details of the Project Financing Agreement
and all documents pertinent thereto are reviewed,
authorized and approved by resolution of this Council;
, (b) The electors of the City shall have been
given the opportunity to petition for a referendum on
the matter of the aforesaid bond issue as required by
the Act;
(c) Either no such petition shall be timely filed
or such petition shall have been so filed and said
referendum shall have approved the bond issue; and
(d) All documents required in connection with the
financing shall have been duly executed by the parties
thereto and delivered to the extent required.
of adoption of this Resolution as a class 1 notice under Chapter
5. The City Clerk is hereby directed to publish notice
985 Wisconsin Statutes, (relating to publication of official notices)
in the official newspaper of the City in substantially the form
attached to this Resolution.
6. The City Clerk is hereby directed to file with the
Secretary of Business Development of the State of Wisconsin a
copy of this Resolution together with a copy of the public notice
of its adoption within ten days following publication of such
notice.
Adopted , 1978
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NOTICE TO ELECTORS OF
THE CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN
TAKE NOTICE, that the Common Council of the City of
Muskego, Waukesha County, Wisconsin, at a lawful meeting held on
4 to Section 66.521 of the Wisconsin Statutes, as amended, setting
the a day of March, 1978, adopted an initial resolution, pursuant
bonds in an amount not to exceed $500,000 for the purpose of
forth the intent of the City to issue industrial development revenue
financing costs related to the acquisition of land in the City, the
construction of a building thereon and the purchase and installation
of equipment for such building by Surinak Development, a general
partnership consisting of Joseph J. Surinak, Harriet G. Surinak
and John 3. Surinak, and Surinak Engineering L Manufacturing, Inc.,
Engineering L Manufacturing, InC..-in 'connection with its business
a Wisconsin corporation,-to be -initially utilized-bysurinak
water well industry. such initial resolution.furtlier sets forth
of manufacturing, storing and distributing of products used-.in-~the 'z
the -intent of the'city to enter into a revenue agreement with
respect to such financing.
THE BONDS SHALL BE PAYABLE SOLELY FROM THE REVENUES AND
OTHER AMOUNTS DERIVED OR RESULTING FROM A REVENUE AGREEMENT WITH
RESPECT TO THE FINANCED PROJECT OR, IN THE EVENT OF DEFAULT OF
SUCH AGREEMENT, AS OTHERWISE AUTHORIZED BY THE CITY OF MUSKEGO
AND. .PERMITTED BY LAW; THE BONDS SHALL NOT.-CONSTITUTE AN -
INDEBTEDNESS OF THE-CITY OF MUSKEGO WITHIN THE MEANING OF ANY
NOT CONSTITUTE OR GIVE RISE TO A PECUNIARY LIABILITY OF THE CITY
STATE-CONSTITUTIONAL PROVISION OR STATUTORY LIMITATIONl AND SHALL
OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS.
at the office of the City Clerk, City Hall, W182 58200 Racine Avenue,
Muskego, Wisconsin during business hours.
The resolution may be inspected by any elector of the City
The bonds will be issued without submitting the proposition
to the electors of the City for approval unless within 30 days
from the date of publication of this notice a petition, signed by
with the City'Clerk requesting a referendum upon the question of
not less than 5% of the registered electors of the City, is filed
the issuance of the bonds. If such petition is filed, the bonds
shall not be issued until approved by a majority of the electors
of the City voting thereon at a general or special election.
Dated March gf , 1978.
I, Cl'ty Clerk