CCR1982172CITY OF MUSKEGO, WISCONSIN
INDUSTRIAL DEVELOPMENT REVENUE BONDS
INITIAL RESOLUTION REGARDING
RESOLUTION #172-82
authorized by Section 66.521, Wisconsin Statutes, as amended (the
WHEREAS, the City of Muskego, Wisconsin (the "City"), is
acquire by gift, lease or purchase, install, reconstruct, re-
"Act"), to, among other powers, (i) construct, equip, re-equip,
build, 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 agree-
ment pertaining to the project to be financed by the bonds so
issued and, in the event of default of such agreement, as may be
may be secured by a mortgage and/or security interest in the
authorized by this Council and permitted by law, and which bonds
project or other security; and
WHEREAS, it has been represented to the City that Jansen
Development, Inc., a Wisconsin corporation, Lanson Industries,
Inc., a Wisconsin corporation, Lanson Realty, Ltd., a Florida
partnership, Lance A. Wikkerink, David Gecht and/or James 0.
Gilliam (any of the above individually or in any combination,
joint venture or partnership hereinafter referred to as the
ing land in the City and constructing and equipping thereon a
"Participant") desire to finance certain of the costs of acquir-
business of manufacturing automatic entrance systems and related
facility to be used in connection with Lanson Industries, Inc.'s
products or for other activities permissible under the Act; and
equipping and related improvements (herein called the "Project")
will be for an estimated cost not to exceed $1,500,000 and negotia-
undertaking the Project in the City or elsewhere and as to the
tions have taken place with the City as to the feasibility of
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.
WHEREAS, it is expected that such acquisition, construction,
NOW, THEREFORE, BE IT RESOLVED by this Common Council of the
City of Muskego:
the City from the development of the Project in the City, and to
induce and encourage the Participant 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
a
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(a) issue, sell and deliver to purchasers procured by
the Participant industrial development revenue bonds in an
aggregate amount not to exceed $1,500,000 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;
(b) enter into a revenue agreement with the Participant
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 Participant;
(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
such other appropriate arrangements which may be deemed
necessary, if any, including but not limited to, the grant-
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.
ized to negotiate the terms of the project financing agreement,
other documents required to properly complete the financing
revenue producing agreement, indenture of trust, if any, and any
provided that all such terms, documents and procedures shall be
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 author-
(a) the details of the project financing agreement and
all documents pertinent thereto are reviewed, authorized and
approved by resolution of this Council;
opportunity to petition for a referendum on the matter of
the aforesaid bond issue as required by the Act;
(b) the electors of the City shall have been given the
(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
thereto and delivered to the extent required.
financing shall have been duly executed by the parties
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under are subject to the condition that on or before two (2)
(4) All commitments of the City and of the Participant here-
years from the date hereof (or such other date as shall be mutually
Participant shall have agreed to mutually acceptable terms and
satisfactory to the City and the Participant, the City and the
conditions of the revenue producing agreement referred to in
paragraph 3 and of the Bonds and other instruments or proceedings
relating to the Bonds.
(5) The City Clerk is hereby directed to publish notice of
adoption of this Resolution as a Class 1 notice under Chapter
985, Wis. Stats., (relating to publication of official notices)
pursuant to such chapter, in substantially the form attached to
in the newspaper in which the City's official notices are published
this Resolution.
DATED THIS Jf DAY OF , 1982
City Clerk
Approved , 1982
Mayor
SER71 R
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-7 I NOTICE TO ELECTORS OF
THE CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN e
e
e
TAKE NOTICE that the Common Council of the City of Muskego,
Waukesha County, Wisconsin at a lawful meeting held on the -
day of , 1982, adopted an initial resolution, pursuant
to Section 66.521 of the Wisconsin Statutes, as amended (the
industrial development revenue bonds in an amount not to exceed
"Act"), setting forth the intent of the City: (1) to issue
$1,500,000 for the purpose of financing costs related to the
acquisition of land in the City and construction and equipping
thereon of a facility to be used in connection with Lanson Industries,
Inc.'s business of manufacturing automatic entrance systems and
Act; and (2) to enter into a revenue agreement with Jansen Develop-
related products or for other activities permissible under the
ment, Inc., a Wisconsin corporation, Lanson Industries, Inc., a
Wisconsin corporation, Lanson Realty, Ltd., a Florida partnership,
Lance A. Wikkerink, David Gecht and/or James 0. Gilliam (any of
the above individually or in any combination, joint venture or
partnership) with respect to such financing.
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 MVSKEGO
NESS OF THE CITY OF MUSKEG0 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
at the office of the City Clerk, City Hall, W182 Sa200 Racine
Avenue, Muskego, Wisconsin during business hours.
The resolution may be inspected by any elector of the City
Section 66.521(10)(d) of the Wisconsin Statutes reads as
follows with respect to the opportunity to petition for a referen-
dum upon the question of the issuance of the Bonds:
section without submitting the proposition to the electors
"(d) The governing body may issue bonds under this
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,
if there is no registration of electors in the municipality,
by 10% of the number of electors of the municipality voting
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
City Clerk
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of the electors of the municipality voting thereon at a
general or special election. " .'e Dated , 1982
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