CCR19820408
RESOLUTION K40-82
CITY OF MUSKEGO, WISCONSIN
INDUSTRIAL DEVELOPMENT REVENUE BONDS
INITIAL RESOLUTION REGARDING
WHEREAS, the City of Muskego, Wisconsin (the "City"), is
authorized by Section 66.521, Wisconsin Statutes, as amended (the
acquire by gift, lease or purchase, install, reconstruct, rebuild,
"Act"), to, among other powers, (i) construct, equip, reequip,
enlarge, extend or remodel projects described in the Act, (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 en-
hance its tax base, (iii) borrow money and issue bonds to finance
costs related to such 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 author-
ized by this Council and permitted by law, and which bonds may be
other security; and
secured by a mortgage and/or security interest in the project or
). rehabilitate, improve, supplement, replace, maintain, repair,
and/or Peter Geiss (the "Individuals") and/or a partnership to be
WHEREAS, it has been represented to the City that James Buth
formed of which the Individuals are general partners and/or a
corporation to be formed of which the Individuals are shareholders
desires to finance certain of the costs of acquiring land in the
(individually or in combination referred to herein as the "Company")
City and constructing and equipping thereon a facility to be used
primarily as a medical clinic; and
equipping and related improvements and expenditures (herein
WHEREAS, it is expected that such acquisition, construction,
called the "Project") will be for an estimated cost not to exceed
$400,000 and negotiations have taken place with the City as to
the feasibility of undertaking the Project in the City or elsewhere
and as to the financing of part or all of the costs of the Project
through the issuance by the City of its industrial development
revenue bonds pursuant to the Act;
City of Muskego:
NOW, THEREFORE, BE IT RESOLVED by this Common Council of the
the City from the development of the Project in the City and to
(1) In view of the considerable benefits to be derived by
induce and encourage the Company to undertake the Project in the
City, the City intends to consummate a project financing agreement
pursuant to which the City shall:
(a) issue, sell and deliver to purchasers procured by
the Company industrial development revenue bonds in an
costs related to the Project, which bonds shall be payable
aggregate amount not to exceed $400.000 in order to finance
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with respect to the Project and in the event of default of
solely from the revenues derived from a revenue agreement
such agreement, as may be authorized by this Council and
permitted by law;
(b) enter into a revenue agreement with the Company
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 and
providing for completion of part or all of the Project by
the Company; and
(c) assign the revenue producing agreement and pledge
the revenues and other amounts therefrom to the bondholders
or to a trustee under an indenture of trust and enter into
necessary, if any, including but not limited to, the grant-
such other appropriate arrangements which may be deemed
ing of a mortgage and/or security interest in part or all of
the Project, in order to 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
never constitute an indebtedness of the City within the meaning
of any state constitutional provision or statutory limitation and
City or its officers or a charge against its general credit or
shall not constitute or give rise to a pecuniary liability of the
taxing powers.
rized to negotiate the terms of the project financing agreement,
revenue producing agreement, indenture of trust, if any, and any
provided that all such terms, documents and procedures shall be
other documents required to properly complete the financing
of the Act and shall not be binding unless and until:
subject to the conditions of this Resolution and the provisions
(3) The appropriate officials of the City are hereby autho-
(a) the details of the project financing agreement and
all documents pertinent thereto are reviewed, authorized and
approved by resolution of this Council adopted within three
(3) years from the date of adoption of this resolution;
(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;
such petition shall have been so filed and said referendum (c) either no such petition shall be timely filed or
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.
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\ (4) The City Clerk is hereby directed to publish notice of
985, Wis. Stats., (relating to publication of official notices)
adoption of this Resolution as a class 1 notice under Chapter
in the official newspaper of the City in substantially the form
attached to this Resolution. e
City Clerk
Approved -,, 1982
JTW64 : A
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7 NOTICE TO ELECTORS OF THE CITY OF MUSKEGO
WAUKESHA COUNTY, WISCONSIN e TAKE NOTICE that the Common Council of the City of Muskego,
Waukesha County, Wisconsin at a lawful meeting held on
1982, adopted an initial resolution, pursuant to Section 66.521
of the Wisconsin Statutes, as amended, setting forth the intent a of the City: (1) to issue industrial development revenue bonds
in an amount not to exceed 5400,000 for the purpose of financing
costs related to the acquisition of land in the City and construction
and equipping thereon of a new facility to be used primarily as a
medical clinic and (2) to enter into a revenue agreement with
James Buth and/or Peter Geiss (the "Individuals") and/or a partner-
and/or a corporation to be formed of which the Individuals are
ship to be formed of which the Individuals are general partners
shareholders with respect to such financing.
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OTHER AMOUNTS DERIVED OR RESULTING FROM A REVENUE AGREEMENT WITH
RESPECT TO THE FINANCED PROJECT OR, IN THE EVENT OF DEFAULT OF
AND PERMITTED BY LAW. THE BONDS SHALL NOT CONSTITUTE AN INDEBTED-
SUCH AGREEMENT, AS OTHERWISE AUTHORIZED BY THE CITY OF MUSKEGO
NESS OF THE CITY OF MUSKEGO 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
POWERS.
ITS OFFICERS OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING
THE BONDS SHALL BE PAYABLE SOLELY FROM THE REVENUES AND
The resolution may be inspected by any elector of the City
at the office of the City Clerk, City Hall, W182 S8200 Racine
Avenue, Muskego, Wisconsin during business hours.
follows with respect to the opportunity to petition for a referen-
Section 66.521(10)(d) of the Wisconsin Statutes reads as
dum upon the question of the issuance of the Bonds:
section without submitting the proposition to the electors
of the municipality for approval unless within 30 days from
the date of publication of notice of adoption of the initial
resolution for such bonds, a petition, signed by not less
than 5% of the registered electors of the municipality, or,
by 10% of the number of electors of the municipality voting
if there is no registration of electors in the municipality,
for the office of governor at the last general election as
determined under s.115.01(13), is filed with the clerk of
the municipality requesting a referendum upon the question
of the issuance of the bonds. If such a petition is filed,
the bonds shall not be issued until approved by a majority
"(d) The governing body may issue bonds under this