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CCR1974143a GOVERNING BODY OF THE CITY OF MUSKEGO RESOLVTION 143-74 - - "" " RESOLUTION AUTHORIZING INDUSTRIAL DEVELOPMENT REVENUE BOND ISSUE, SERIES' A (MUSKEGO RENDERING CO. INC.) WHEREAS, The City of Muskego (the "Municipality") is a municipal corporation organized and existing under and pursuant to the laws of the State of Wisconsin and is authorized by Section 66.521, Wisconsin Statutes (hereinafter sometimes referred to as "Section 66.521"). to acquire, construct, reconstruct, equip, improve, maintain, repair, enlarge or remodel industrial projects, and to enter into lease or lease purchase agreements for same in order to promote the rights to gainful employment, business opportunities and general welfare of its inhabitants and to preserve and enhance its tax base; and WHEREAS, the Municipality is authorized by Section 66.521 to issue industrial development revenue bonds pay- able solely from the revenues derived from leasing the Project (as hereafter defined) to be financed by the Bonds so issued; and a WHEREAS, Bonds and interest coupons issued under authority to Section 66.521 shall not constitute an in- debtedness of the Municipality within the meaning of any state constitutional provision or statutory limitation, and shall not constitute, nor give rise to, a pecuniary liability of the Municipality or a charge against its general credit or taxing powers; and WHEREAS, the Municipality has made the necessary arrangements with Muskego Rendering Co. Inc. (the "Company"), a Wisconsin corporation, for the acquisition and construction of its Project (as hereinafter defined) located in the Municipality from which Project the Municipality will receive substantial municipal benefits, including, by way of illustration but not limitation: retention of and more steady employment of its citizens resulting in the alleviation of'unemployment within the Municipality; maintenance or increase in the tax base of the Municipality; greater support for educa- tional and municipal services; the stimulation of existing and new businesses and industries within the Municipality and its environs; the stimulation of private investment funds from financial institutions; and the betterment of the Municipality's environment and economy; and WHEREAS, the Governing Body of the Municipality adopted a resolution on October 23, 1973, wherein the Municipality agreed (upon conditions) to issue industrial development revenue bonds LO finance the Project; and WHEREAS, The Municipality thereby induced and encouraged the Company to commence constructing the Project; and WHEREAS, the Company is prepared to convey its interest in the Project to the Municipality and to lease the Project back from the Municipality pursuant to the terms of the Lease; and e WHEREAS, the acquisition, construction and leasing of the Project and the issuance of the Bonds by the Munici- pality, as herein recited and provided, in the judgment of this Governing Body, will serve the intended accomplishments and in all respects conform to the provisions and require- ments of Section 66.521; NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE MUNICIPALITY, THAT: 1. DEFINITIONS. In addition to the words and terms elsewhere defined in this Resolution the following words and terms as used in this Resolution and the preamble hereto shall have the following meanings unless the context or use clearly indicates another or different meaning or intent. (a) "Bond" or "Bonds" means the Series A industrial development revenue bonds of the Munici- pality to be issued hereunder. (b) "Bond Fund" means the Bond principal and interest fund created in the Indenture and authorized by paragraph 12 of this Resolution. (c) "Bondholder" or "holder" or "owner of the Bonds" means the bearer of any Bond not registered as to principal (or registered to bearer) and the regis- tered owner of any Bond registered as to principal. (d) "Chief Executive" means the Mayor of the Municipality. (e) "Construction Fund" means the fund created -2- in the Indenture and authorized by paragraph 11 of this Resolution. (f) llCoupon" means any of the coupons issued hereunder evidencing the semiannual installments of interest on the applicable Bond or Bonds. (g) "Event of Default" means those events of defaults specified and defined in the Indenture. (h) "Governing Body" means the Municipality's Common Council, its legislative body. (i) "Indenture" means the Mortgage and Indenture of Trust dated as of June 1, 1974, to be executed by and between the Municipality and the Trustee, pursuant to which the Bonds are to be issued, and other supple- mental agreements with the Trustee in pursuance thereof. (j) "Lease" means the lease dated as of June 1, 1974, to be executed by and between the Municipality and the Lessee. (k) "Lessee" means the Company and its successors and assigns and any surviving, resulting or transferee corporation as provided in the Lease. (1) Project" means the interest in lands, buildings, structures and improvements, machinery, equipment and other facilities acquired or constructed with the proceeds of the Bonds and leased under the Lease which together compromise a new rendering facility, It (m) "Purchase Agreement" means the bond purchase agreement dated as of June 1, 1974, to be executed by and between the Municipality and the initial Bond purchaser. (n) "Trustee" means the bank or trust company serving as trustee under the Indenture and its successors and any corporation resulting from or surviving any consolidation or merger to which it or its successors may be a party and any successor trustee at the time serving as successor trustee under the Indenture. 2. FINDINGS. This Governing Body does hereby find and determine as follows: (a) that the Lessee is a revenue producing enterprise; (b) that the Project is suitable for the use of the Lessee; (c) that the estimated cost of the Project including all costs in connection therewith permitted to be financed with the Bonds under Section 66.521 is not less than $1,000,000; -3- e (d) that the rental payments to be made by the Lessee under the Lease are sufficient to pay the principal of, premium. if any, and interest on the Bonds; and (e) that no voting member of this Governing Body is an officer, director or employee of the Lessee or the Guarantor nor does any such voting member own more than 2% of the outstanding capital stock of Lessee or the Guarantor. 3. AUTHORIZATION TO BORROW. The Municipality shall borrow, but only in the manner herein recited, the sum of $1,000,,000 for the purpose of paying the costs of acquiring and constructing the Project and paying the costs of issuing and selling the Bonds, which borrowing shall be evidenced by its Bonds issued pursuant to Section 66.521. " - - - - - " _I 0 4. DESIGNATION, -" DENOMINATION, TENOR AND MATURITY OF BONDS CREATED FOR ISSUANCE. The Bonds shall be designated CITY OF MUSKEGO INDUSTRIA~~~VELOPMENT REVENUE BONDS, SERIES A (MUSKEGO RENDERING CO. INC PROJECT), and shall be in the principal amount of $1,000,000 dated June 1, 1974, and shall mature and bear interest from their date as follows: Maturity Interest Maturity Interest (Dec. 1) Amount Rate (Dec. 1) Amount Rate 1976 $100,000 5-114% 1981 $100 1977 100,000 5-112% 1982 100 1978 100,000 5-314% 1983 100 1980 100,000 6-114% 1985 100 1979 100,000 6% 1984 100 9 000 6-112% ,000 6.70% ',OOO 6.80% ',OOO 6.90% ,000 7% Interest shall be payable on December 1, 1974, and semiannually thereafter on the first day of each June and December in each calendar year until paid. Both principal of and interest on said Bonds shall be payable in lawful money of the United States of America at the principal office of First Wisconsin Trust Company, Milwaukee, Wisconsin, as paying agent, and/or at the office of any successor or additional paying agent approved by the Municipality. The Bonds shall be issuable as Coupon Bonds in the denomination of $5,000. The Bonds shall be numbered from 1 upward in the order of their maturities. 5. BONDS AS LIMITED OBLIGATIONS. The Bonds and the attached coupons (if any) shall in no event be or be considered a general obligation or indebtedness of the Municipality, nor shall they constitute an indebtedness of the Municipality, nor shall they give rise to any pecuniary liability of the Municipality, nor shall they constitute a " -4- 0 charge against the Efunicip;lliCy's general crcclit 01- t;lxillg powers; the Bonds and the attached coupons (if my) slxlll be payable solely from the rentals and other funds and revenues that may be available therefor under the terms of the Lease and the Indenture and in no event shall the Bonds or the interest thereon or any other costs or expenses in connection therewith or with the Project ever be payable from any funds of the Municipality other than the rentals and other revenues and funds to be received by the Municipality from the Lessee or the Trustee pursuant to the Lease or the Indenture. The Bonds shall contain a recital that they are issued pursuant to Section 66.521 of the Wisconsin Statutes. e 6. EXECUTION AND AUTHENTICATION OF BONDS. The Bonds shall be-executed on behalf of the Municipality by the facsimile signature of its Chief Executive, counter- signed by the manual signature of its Clerk and shall have impressed thereon the corporate seal of the Munici- pality. The coupons, if any, attached to the Bonds shall be executed by the facsimile signatures of the said Chief Executive and Clerk. No Bond shall be sold unless first authenticated by the Trustee, to be evidenced by the manual signature of an authorized officer of the Trustee on each Bond. __ @ 7. NEGOTIABILITY OF BONDS. The coupon Bonds shall be fully negotiable and pass by delivery, but shall be subject to registration as to principal only, or as to both principal and interest, in the name of the owner on registration books to be provided for that purpose by the Municipality at the principal office of the Bond Registrar in the manner provided in the Indenture 8 REDEMPTION OF BONDS PRIOK TO MATURITY.. The 0 Bonds shall be callable for redemption prior to maturity only as provided in Exhibit A attached hereto and hereby made a part hereof Notice of the call for any redemption identifying the Bonds to be redeemed shall be given (a) by publication at least one time in a financial newspaper of general cir- culation in the City of Milwaukee metropolitan area, not less than thirty days prior to the redemption date, and (b) by mailing a copy of the redemption notice by first class mail at least thirty days prior to the date fixed for redemption to the registered owner of each Bond to be redeemed at the address shown on the registration books; provided, however, that failure to give such notice by mailing as aforesaid or any defect therein, shall not affect the validity of any proceedings for the redemption of Bonds. If all of said Bonds to be redeemed are at the time registered as to principal (except to bearer), notice by mailing given by first class mail to the owner or owners thereof not less than thirty days prior to the date fixed for redemption shall be sufficient and published notice of the call for redemption need not be given -5- Prior to the date fixed for redemption, funds or securities in which such funds are invested shall be placed with the Trustee to pay tne Bonds called for redemption and accrued interest thereon to the redemption date and the premium, if any. Upon the happening of the above conditions, the Bonds thus called for redemption shall cease to bear interest from and after the redemption date, shall no longer be protected by the Indenture and shall not be deemed to be outstanding under the provisions of the Indenture If, because of the temporary or permanent suspen- sion of the publication or general circulation of any news- paper or financial publication or for any other reason, it is impossible or impractical to publish such notice of call or redemption in the manner herein provided, then such publica- tion in lieu thereof as shall be made with the approval of the Trustee shall constitute a sufficient publication of notice. 9. APPROVAL OF BOND FG. The Bonds and the cou- pons attached thereto, if any, shall (with appropriate in- sertions) be substantially in the form set forth in the Indenture. 10. SALE OF THE BONDS. The sale of the Bonds to First Wisconsin National Bank of Milwaukee, Milwaukee, Wisconsin, for 100% of the par value thereof plus accrued interest to the date of delivery is hereby authorized and approved, it being hereby specifically determined that such manner of sale is advantageous to the Municipality 11 CREATION -~ OF CONSTRUCTION ~ FUND. There is hereby created by the Municipality and ordered established with the Trustee a trust fund to be designated with the names of the Municipality and the Company which shall be used to pay the acquisition and construction costs of the Project and such other costs in connnection with the acquisition and construction of the Project and the issuance and sale of the Bonds as are permitted to be paid from the proceeds of the Bonds under Section 66.521. in accordance with the Indenture. There shall be deposited in said Construction Fund the entire proceeds received upon sale of the Bonds but excluding: (a) any accrued interest paid upon the sale of the Bonds; and (b) capitalized interest to the extent designated by the Lessee and permitted by Section 66.521. The Municipality hereby authorizes and directs the Trustee to withdraw sufficient funds from said Construction Fund pursuant to requisition of the Lessee as provided in the Indenture and Lease to make the aforesaid payments as the same become due and payable. The Municipality further authorizes and directs the Trustee to transfer from the Construction Fund to the Bond Fund (referred to in paragraph 12 hereof) any moneys which are not needed for the purposes for which the Bonds are issued, as provided in the Indenture. -6- 12. CREATION OF BOND FUND; SECURITY FOR PAYMENT OF BONDS. There is hereby created by the Municipality and ordered established with the Trustee a trust fund to be -~ - "- " " "- "- designated with the names of the Municipality and the Company which shall be used to pay the principal of, premium if any, and interest on the Bonds There shall be deposited into said Bond Fund when received: (a) the accrued interest received upon the sale of the Bonds; (b) capitalized interest to the extent designated by the Lessee and permitted by Section 66.521; (c) all rental payments specified in the Lease, which are to be used for the purpose of paying the principal of, premium, if any, and interest on the Bonds; and (d) all other moneys received by the Trustee under and pursuant to any provisions of the Lease or the Indenture and which are required thereby to be placed in the Bond Fund. Moneys in said Bond Fund, except any moneys that may remain therein after payment in full of principal, premium, if any, and interest, and other costs and expenses in connection with the administration of the Indenture, shall be used for the payment, purchase on the open market, or redemption of the Bonds at or prior to maturity and the payment of interest thereon as provided in the Indenture, and the Municipality hereby authorizes and directs the Trustee to withdraw sufficient funds from said Bond Fund to pay the Bonds and interest thereon as the same become due and payable or to purchase Bonds on the open market as provided in the Lease and Indenture. The Bondholders shall have a first lien on all moneys in the Bond Fund and the Trustee, as trustee, shall have a first lien on the rental payments and all other income and revenues to be paid by the Lessee pursuant to the Lease for the payment of principal, premium if any, and interest on the Bonds under the Lease for the benefit of the Bondholders, subject always to the Lease and the Inden- ture. Said rentals and other income and revenues of and under the Lease derived from the Project are hereby irrevoc- ably pledged for the payment of the Bonds and interest and premium, if any, thereon. e 0 13. RESERVE " AND " PROPERTY INSURANCE AND AWARD FUNDS; INTEREST COMPENSATION FUND. There are hereby created by the Municipality and ordered established, if necessary, with the Trustee, funds in which are to be deposited such net proceeds of certain sales, insurance and condemnation awards as may be provided in the Lease and the Indenture. The Trustee is authorized to withdraw funds from said trust funds to be applied as provided in the Lease and the Indenture. "" ." "" 14. APPOINTMENT OF TRUSTEE, BOND REGISTRAR ." AND PAYING AGENT. First Wisconsin Trust Company, Milwaukee, Wisconsin, is hereby appointed and approved as Trustee and Bond Registrar under the Indenture. First Wisconsin Trust Company, Milwaukee, Wisconsin, is hereby appointed and approved as paying agent for the Bonds under the Indenture. -7- 15. INVESTMENT OF FUNDS HELD BY TRUSTEE. Any moneys neld as a part of the Construction Fund or the Bond Fund or any sales, insurance or condemnation loss trust funds may be invested and reinvested by the Trustee at the direction of the Lessee in (a) obligations issued or guaran- teed by the United States, (b) obligations issued or guaran- teed by any person controlled or supervised by and acting as an instrumentality of the United States pursuant to authority granted by the Congress of the United States, (c) obligations issued or guaranteed by any state or political subdivision thereof, (d) prime commercial paper, (e) prime finance company paper, (f) banker's acceptances, (9) repurchase agreements secured by obligations issued or guaranteed by the United States or an instrumentality thereof, and (h) certificates of deposit issued by commercial banks which are members of the federal reserve system and which have combined capital, surplus and undivided profits of at least $5,000,000. How- ever, no investments shall be made in the Trustee's own commercial paper or in banker's acceptances issued by the Trustee or upon which the Trustee receives a commission or other compensation. All investments shall be made for the account of the fund for which they were acquired. a e 16. MAINTENANCE -~ AND REPAIR ~ OF PROJECT. ~ The mainte- nance and repair costs of the Project, all taxes in connection therewith and other charges will be assumed and paid by the Lessee under the Lease, and accordingly, the Municipality shall have no obligation with respect thereto and all such costs, expenses, taxes and fees and charges shall be paid by the Lessee, as provided in the Lease. In view of the useful life of the Project and of the rental payments which the Lessee shall be required to pay pursuant to paragraph 18 hereof, it is the finding and determination of this Governing Body that the Lessee shall not be required to build up or maintain re- serves for depreciation or for maintenance and repair; it is hereby specifically found and determined that the afore- said rental payments, together with the Lessee's obligations to maintain, repair and insure adequately protect the interest of the Municipality in the Project. 17. INSUKING THE PROJECT. The Lessee will take out and continuously maintain in effect or cause to be taken out and continuously maintained in effect during the term of the Lease insurance with respect to the Project in the amount and with coverage as provided in the Lease. The Municipality shall not be obligated to take out such insurance or to pay the cost thereof but shall be fully protected thereby, it being the intent and purpose that the Lessee pay all costs in connection with obtaining, pro- curing and maintaining the foregoing insurance coverage. The proceeds of any recovery under the foregoing insurance policies shall be used and disposed of in the manner pro- vided in the Lease and the Indenture. ____ 18. DETEWINATION OF GN'. The Lease shall pro- vide that the Lessee make basic rental payments (directly to the Trustee for deposit into the Bond Fund for the account -8- of the Municipality) in amounts sufficient for thc payment when due of the principal of, premium, if any, and interest on the Bonds. Said amounts shall be payable by the Lessee: (a) not less than two business days in advance of each stated maturity date of Bond principal and/or interest; and (b) not less than forty-five days in advance of each Bond redemption date prior to stated maturity. The precise dollar amounts of said rental payments need not be expressed in the Lease, but rather may be provided for by way the formula hereinabove provided. The Trustee is directed to supply the Lessee, from time to time as appropriate, with schedules of the dollar amounts of the basic rental payments then required by appli- cation of said formula, which schedules shall separately identify the principal and interest components of said basic rent. In addition to said basic rentals, the Lease shall require the Lessee to pay all lawful taxes and assessments and all utility and other similar charges to the end of making the Lease a "net lease". The Lease shall not require the Lessee to make regular payments into any reserve fund for the retirement of the Bonds * ". e 19 OPTIONS GRANTED LESSEE. The Lessee shall have the option to purchase the Project pursuant to the pro- visions of the Lease for an amount of money which when added to the amount then on deposit in the Bond Fund will be suf- ficient to pay the principal of and redemption premiums, if any, on the then outstanding Bonds, plus accrued interest on the Bonds to the redemption date, plus an amount of money equal to the Trustee's and paying agent's fees and expenses under the Indenture accrued and to accrue until such final payment and redemption of the Bonds, plus the sum of One Dollar ($1.00) and all other amounts due and owing or to be- come due and owing to the Municipality pursuant to the Lease. The Lessee shall also have an option to purchase any unimproved land of which the Project is comprised for the price and upon the conditions provided in the Lease. """ 0 20. ADDITIONAL SECURITY- REMEDIES UPON EVENT OF DEFAULT. The Bonds shall be additionally secured by a first mortgage on the real estate comprising the Project and a first security interest in the machinery and equipment comprising the Project, subject only to the Lease and encumbrances per- mitted under the Indenture. """L "_ Upon occurrence of an Event of Default which has not been remedied as provided in the Indenture, and upon the filing of a suit or other commencement of judicial proceedings to enforce the rights of Trustee and holders of the Bonds under the Indenture, and at all times subject to the Indenture, the Trustee or the holders of the Bonds, among other rights and remedies, shall be entitled to the appointment of a receiver. The receiver may enter and take possession of the Project and administer, lease and maintain the same, with power to charge and collect rentals sufficient to pay principal of, interest on and redemption premiums, if any, on the outstanding Bonds and for the payment of operating expenses -9- e and to receive and apply all income and revenues thereafter arising therefrom in the same manner and to the same extent as the Municipality might do under the Lease, Indenture, this Resolution and Section 66.521. In addition, upon the occurrence of an Event of Default which has not been remedied as provided in the Indenture, ‘the Trustee for and on behalf of the holders of the Bonds may foreclose the Indenture on the Project and to the extent that such rights may lawfully be waived, neither the Municipality nor anyone claiming through it or under it shall set up, claim or seek to take advantage of any stay, extension or redemption laws now or hereafter in force in order to prevent or hinder the enforcement of the Indenture or the forclosure of the Indenture and the Municipality for itself and all who may claim through or under it hereby waives to the extent it nay lawfully do so the benefit or all such laws under which it might be entitled under the laws of the State of Wisconsin. In addition, the Trustee shall have all the rights, powers and privileges, upon the occurrence of an Event of Default, as are specified in the Indenture or as may be provided by law. All moneys received by the trustee pursuant to any right given or action taken under the Indenture which after payment of the costs and expenses of the proceedings resulting in the collection of such moneys and of the expenses, and liabilities and advances, incurred or made by the Trustee under the Indenture and after payment of all taxes, special assessment and utility charges then due to the Municipality in connection with the Project but not paid, shall be applied as provided in the Indenture. 21. APPROVAL ”- OF DOCUMENTS; AUTH_O_R_ITY TO.-EXECUTE. Definitive drafts of the following documents have been presented to this Governing Body and are hereby approved with such appro- priate insertions and modifications as shall not be inconsis- tent with the provisions hereof, Section 66.521 or the form of Bond set forth in the Indenture: I (a) The Purchase Agreement; (b) The Lease; (c) The Mortgage and Indenture of Trust; (d) A guaranty agreement, dated as of June 1, 1974, from Tampa Soap 6 Chemical Corp. to the Municipality; (e) A guaranty agreement, dated as of June 1, 1974, from Carl Wauer and his wiie to the Municipality; and (f) A guaranty agreement, dated as of June 1, 1974, from the Lessee to the Trustee. -10- , .. The Chief Executive and Clerk are hereby authorized and directed to execute, acknowledge where appropriate, and deliver said documents for and in the name of the Municipality with such changes therein as may be approved by said officials, which approval shall be conclusively evidenced by the execution and delivery of said documents. Unless a referendum shall be required on the question of the issuance of the Bonds, the Chief Executive and Clerk are hereby authorized and directed to execute and deliver the Bonds as herein and in the Purchase Agreement provided. a c 22. ADDITIONAL DOCUMENTS. Thc Chief Executive and Clcrk oL thc Municipality and their authorized dcputics and othcr officials of the Municipality are hereby authnrized to prepare or to have prepared and to execute, file and deliver, as appropriate, a11 such other documents, opinions, certificates, affidavits, and closing instruments as may be required by this Resolution or deemed necessary by.said officials -, subject -to the approval of the City Attorney. 23. ISSUANCE WITHOUT ELECTION; PUBLICATION OF NOTICE. The Clerk shall cause notice of adoption of this Resolution to be published once in the MUSKEGO-LAKELAND HUB, a newspaper of general circulation in the Municipality, in the following form: NOTICE TO ELECTORS OF THE CITY OF MUSKEG0 TAKE NOTICE that the Common Council of the City of Muskego, Wisconsin, v$s;;tar meeting held, the 23 day of 1974, adopted a resolution authorizi issuance of $1,000,000 of City of Muskego Industrial Development Revenue Bonds, Series A (Muskego Rendering Co. Inc. Project) pursuant to Section 66.521 of the Wisconsin Statutes. These Bonds are for the purpose of financing an industrial project in the City of Muskego and leasing the same to Muskego Rendering Co. Inc., a Wisconsin corporation. THE BONDS SHALL NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY OF MUSKEGO NOR SHALL THE BONDS GIVE RISE TO ANY PECUNIARY LIABILITY OF THE CITY NOR SHALL THE BONDS BE A CHARGE AGAINST THE GENERAL . CREDIT OR TAXING POWERS OF THE CITY. RATHER, THE BONDS SHALL BE PAYABLE SOLELY FROM THE REVENUES AND OTHER AMOUNTS DERIVED OR RESULTING FROM THE LEASING OR SALE OF SAID PROJECT. -11- In the event that the revenues from the leasing or sale of said project are insufficient to pay the principal of, premium, if any, and interest on the Bonds, the City may be required to surrender possession of the said project and to cooperate with the Bondholders in selling or leasing said project or in securing the appointment of a receiver for said project, as the case may be. This resolution may be inspected by any elector of the City at the City Hall during business hours during the thirty days next following publication of this Notice. TAKE FURTHER NOTICE THAT THE ELECTORS OF THE CITY OF MUSKEG0 MAY PETITION FOR A REFERENDUM ON THE QUESTION OF THE BOND ISSUE. Unless within thirty days following the publication of this Notice a petition signed by not less than 5% of the registered electors of the City is filed with the City Clerk requesting a referendum upon the question of the issuance of the Bonds, the City will issue the Bonds without submitting the proposition to the electors of the City for approval. If such a petition is filed as aforesaid, then the Bonds shall not be issued until approved by a major- ity of the electors of the City voting thereon at a general or special election. City Clerk w * * J; * * PASSED AND APPROVED ON ,&&l I 23 , 1974. i' Kayor Y I [SEAL OF MUNICIPALITY] Attest: Clerk Recorded Jy , 1974. Clerk -12 - 1, Bette J. Bowyer , being first duly sworn, do hereby depose and certify that I am the duly appointed, qualified and acting Clerk of the City of Muskego, in the County of Waukesha, State of Wisconsin, and as such I have in my possession, or have access to, the complete corporate records of said City and of its Common Council and officers; that I have carefully compared the transcript hereto attached with the aforesaid corporate records; and that said transcript hereto attached is a true, correct and complete copy of all the corporate records in relation to the adoption of Resolution No. Iw.3 entitled: e RESOLUTION AUTHORIZING INDUSTRIAL (MUSKEG0 RENDERING CO. INC. PROJECT) DEVELOPMENT BONDS ISSUE, SERIES A WITNESS my hand and the corporate seal of said City hereto affixed at Muskego, Wisconsin, this -73 day of ~AC , 1974. .. -. _. -. [SEAL OF MUNICIPALITY] STATE OF WISCONSIN ) COUNTY OF WAUKESHA ) ) ss Subscribed and sworn to before me this day, the date last above written. rf6tary Pub1,c I My commission expires: 4/76 [Notarial Seal] .\ EXHIBIT A REDEMPTION " PROVISIONS [Pursuant to Parazrauh 8 of the Resolution to which this Exhibit is attached and made a part, the Bonds are callable for redemp- tion prior to maturity as provided below] 1. Extraordinary Event Redemption. The Series A Bonds shall be subject to redemption prior to maturity upon the occurrence of any of the following events together with the exercise by the Lessee of its option to purchase the Project upon such occurrence as provided in the Lease, in which case the Bonds may be called for redemption prior to their stated maturities, in whole but not in part, at 100% of the principal amount of the Bonds so redeemed plus accrued interest to the redemption date: " e (a) the damage or destruction of the Project to the degree specified in the Lease, or (b) the condemnation of the Project to the degree specified in the Lease; or (c) the Project is adjudged to be a public nuisance or its operation is enjoined as specified in the Lease; or (d) as a result of any changes in the Constitution of the State of Wisconsin or the Constitution of the United States of America or of legislative or administrative action (whether state or federal), or by final decree, judgment or order of any court or administrative body (whether state or federal), the Lease shall have become impossible of performance in accordance with the intent and purposes of the parties expressed therein, or unreasonable burdens or excessive liabilities shall have been imposed on the Munici- pality or the Lessee including without limitation federal, state or ad valorem, property or income taxes not in existence as of the date of the Lease. 2. Mandatory Redemption. There shall be a mandatory redemption of Bonds prior to their stated maturities, at 108% of the principal amount of the Bonds so redeemed plus accrued interest to the redemption date, in the event that: (a) the interest payable on any of the Bonds shall be in- cludable in the gross income of a holder thereof other than a holder who is a "substantial user" of the Project or a "related person" as such terms are used in Section 103(~)(7) of the Internal Revenue Code of 1954, as amended, and (b) the Lessee is obligated to purchase the Project as provided in the Lease. Exhibit A, Page 1 3. Optional Redemption. Except as provided in paragraphs 1. and 2. above, the Bonds shall be non-cnllnble for redemption prior to December 1, 1974. The Bonds outuring on or after December 1, 1976 (exclusive of those Bonds called for redemption pursuant to paragraphs 1. and 2. above), shall be subject to redemption by the Municipality prior to maturity, in whole or in part, on December 1, 1974, and on any interest payment date thereafter, at 100% of the principal amount of Bonds so redeemed, plus accrued interest to the redemption date, and without premium. a 4. Partial Redemption. If less than all of the Bonds at any time outstanding are to be called for redemption prior to maturity, the Trustee shall apportion the funds avail- able for such prior redemption between the Bonds of each of the several maturities then outstanding in the proportion, as nearly as may be, that the original principal amount of Bonds of such maturity bore to the original principal amount of all of the Bonds. If less than all of the Bonds of a particular maturity at the time outstanding are to be called for prior redemption, the particular Bonds of such maturity to be redeemed shall be sclcctcd by lot by the Trustee in such manner as the Trustee, in its discretion, may determine. The Trustee shall call for redemption in accordance with the foregoing provisions as many Bonds as will, as nearly as practicable, exhaust the moneys available therefor. Particular Bonds shall be redeemed only in the principal amount of $5,000 each. Exhibit A, Page 2 PXSOLUTION #143-74 STATE OF WISCONSIN The Common Council ("Governing Body") of the City of Muskego, Wisconsin ("Municipality") met in session at o'clock .M. on , 19 8 ' at the CityTall in theMunicipality. The meeting was called to order and there were present Mayor of the Municipality, in the chair ("Chairman") and the following named aldermen ("Members") : Absent: * * * * * The Governing Body investigated and found that Resolution No. 176-73 of the Governing Body, adopted October 23, 1973, had approved (upon conditions) the issuance of industrial development revenue bonds by the Municipality in order to fin- ance an industrial project for Muskego Rendering Co. Inc., a Wisconsin corporation; that in pursuance of said resolution the requisite details and mechanics of said plan of financing had been negotiated. The Chairman announced that any member in attendance would now be given an opportunity to express his views for or against the proposal to issue the bonds. After all Members, who desired to do so, had expressed their views for or against the proposal to issue the bonds, Member I " introduced Resolution No. .- entitled: RESOLUTION AUTHORIZING INDUSTRIAL DEVELOPMENT REVENUE BOND ISSUE, SERIES A (MUSKEG0 RENDERING CO. INC. PROJECT) and moved its adoption, seconded by Member - After due consideration of the resolution by the Governing Body, the Chairman put the question on the motion and upon the roll being called the following members voted: Aye : Exerpt Page 1 Nay : Whereupon the Chairman declared said resolution duly adopted and signed his approval thereto X' * * * >k Upon motion and vote the meeting adjourned. e Mayor Attest: Clerk Y Exerpt Page 2