CCR1995021CITY OF MUSKEGO, WISCONSIN
COMMON COUNCIL OF THE
RESOLUTION NO. 21-95
INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING
INITIAL RESOLUTION REGARDING
FOR STEPHEN J. AND PATRICIA A. ZIEGLER
WHEREAS, Section 66.521 of the Wisconsin Statutes (the "Act")
authorizes the City of Muskego, Wisconsin (the "Issuer"), to
authorize the issuance and sale of bonds by the Issuer to
construct, equip, re-equip, acquire by gift, lease or purchase,
install, reconstruct, rebuild, rehabilitate, improve, supplement,
replace, maintain, repair, enlarge, extend or remodel industrial
projects; and
WHEREAS, Stephen J. and Patricia A. Ziegler, residents of the
State of Wisconsin (collectively, the "Borrower"), desire to expand
an approximately 56,000-square-foot manufacturing facility (the
"Facility") located in Muskego, Wisconsin (the expansion of the
Facility is hereinafter referred to as the 8fProject*8), which
Project will be owned by the Borrower and leased to Institutional
Products Corporation, a Wisconsin corporation, all of which would
contribute to the well-being of the City of Muskego; and e
WHEREAS, the cost of the Project is presently estimated to be
with industrial development revenue bonds does not exceed
greater than $1,800,000, and the amount proposed to be financed
$1,800,000; and
WHEREAS, the Issuer is a municipality organized and existing
under and pursuant to the laws of the State of Wisconsin, and is
participants with respect to the Project whereby eligible
authorized to enter into revenue agreements with eligible
participants agree to cause said Project to be constructed and to
pay the Issuer an amount of funds sufficient to provide for the
prompt payment when due of the principal and interest on said
industrial development revenue bonds; i
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the
City of Muskego as follows:
1. Based upon representations of the Borrower, it is the
a qualified "project" within the meaning of the Act and that the
finding and determination of the Common Council that the Project is
Act. The Issuer shall:
Borrower is an "eligible participant" within the meaning of the
fal Finance the Project in an amount not exceeding -
$1,800,000; and -
**Bonds**) in an amount not to exceed $1,800,000 in order to (b) Issue industrial development revenue bonds (the
finance costs of the Project.
2. The aforesaid plan of financing contemplates and is
conditioned upon the following:
(a) The Bonds shall never constitute an indebtedness of
the Issuer within the meaning of any state constitutional
provision or statutory limitation;
pecuniary liability of the Issuer or a charge against its
(b) The Bonds shall not constitute or give rise to a
general credit or taxing powers;
(c) The Project shall be subject to property taxation in
the same amount and to the same extent as though the Project
were not financed with industrial development revenue bonds;
(d) The Borrower shall find a purchaser for all of the
Bonds; and
connection with the issuance and sale of the Bonds shall be
(e) The out-of-pocket costs, including Trustee fees, in
paid by the Borrower.
binding upon the Issuer nor be finally implemented unless and
3. The aforesaid plan of financing shall not be legally
until:
and approved by a further resolution of the Common Council
(a) The details and mechanics of the same are authorized
which shall be solely within the discretion of the Common
Council;
this resolution to be published once in a newspaper of general
(b) The City Clerk shall cause notice of adoption of
circulation in the City of Muskego, and the electors of the
City of Muskego shall have been given the opportunity to
petition for a referendum on the matter of the aforesaid Bond
issue, all as required by law;
(c) Either no such petition shall be timely filed or
have approved the Bond issue;
such petition shall have been filed and said referendum shall
(d) The City Clerk shall have received an employment
Statutes; and
impact estimate issued under Section 560.034 of the Wisconsin
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have been duly authorized and delivered.
4. Pursuant to the terms of Section 66.521(11)(b)2 of the
the contracting requirements contained in Section 66.521(11)(b)l are
waived, the Borrower having represented that it is able to negotiate
satisfactory arrangements for completing the Project and that the
Issuer's interests are not prejudiced thereby.
(e) All documents required to consummate the financing
e Wisconsin Statutes, all requirements that the Project be subject to
resolution, to publish notice of such adoption not less than one time
5. The City Clerk is directed, following adoption of this
in the official newspaper of the City of Muskego, such notice to be
resolution together with a statement indicating when such notice was
in substantially the following form, and to file a copy of this
published with the Secretary of Business Development of the State of
Wisconsin within twenty (20) days following publication of such
notice.
DATED THIS 14TH DAY OF FEBRUARY , 1995
SPONSORED BY:
FINANCE COMMITTEE
Ald. Edwin P. Dumke
Ald. Patrick A. Patterson
Ald. David J. Sanders
This is to certify that this is a true and accurate copy of
Resolution #21-95 which was adopted by the Common Council of the City
of Muskego.
2/95jep
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