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CCR1980027e I APPROVAL OF RESOLUTION BY MAYOR The attached Resolution No. 27-85) entitled INITIAL RESOLUTION RELATING TO ON BEHALF OF AND/OR INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING SIMPSON REALTY COMPANY PRECISION SCREW THREAD, CORP. which was adopted by the Common Council of the City of Muskego, Wisconsin, on 2-26-80 , 1980, is hereby approved. Dated 2-26-80 , 1980. CERTIFICATIONS BY CLERK B I ;. 1 I I I I depose and certify that I am the duly elected, qualified and I, Betty Bowyer, being first duly sworn, do hereby acting Clerk oE the City o€ Muskego, in the County of Milwaukee, State of Wisconsin, and as such I have in my possession, or have access to, the complete corporate records oE said City and of its Common Council; that I have carefully compared the transcript hereto attached with the aforesaid corporate records; that said transcript hereto attached is a true, correct and complete copy Resolution No. 27-80 of all the corporate records in relation to the adoption of entitled: INITIAL RESOLUTION INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING SIMPSON REALTY COMPANY AND/OR PRECISION SCREW THREAD CORP. RELATING TO ON BEHALF OF I do hereby further depose and certify as follows: by the Common Council at a meeting held in the City Hall at 1. Said resolution was considered for adoption meeting of the Common Council and was held in open session in 7:30 P.M. on February 26, 1980. Said meeting was a regular compliance with Subchapter IV of Chapter 19 oE the Wisconsin Statutes. and public notice thereo€ was given not less than 24 hours prior 2. Said resolution was on the agenda for said meeting to the commencement of said meeting in compliance with Section by posting on the bulletin board in the City Hall, by notice to 19.84 of the Wisconsin Statutes, including, without limitation, those news media who have filed a written request €or notice of meetings and by notice to the official newspaper of the City. 3. Said meeting was called to order by Jerome J. Gottfried, Mayor, who chaired the meeting. Upon roll I noted and recorded that the following Aldermen were present: Aldermen Ford, Pietruszynski, Salentlne, Tomczyk, Van Lanen. Weed " and that the following Aldermen were absent: Alderman,Dumke and business were taken up during the course of the meeting with- I noted and recorded that a quorum was present. Various matters out intervention of any closed session. One of the matters taken up was said resolution which was introduced and its adoption was - i- moved by Alderman Ford , and seconded by Alderman Tomczvk . Following discussion and after all Aldermen who desired to do so had expressed their views for or against said resolution, the question was called and upon roll being called and the continued presence of a quorum being noted, the recorded vote was as follows: - "_ Aye : Aldermen Ford, Pietruszynski, Salentine, Tomczyk, Van Lanen and Weed Nay : none Abstain: none Whereupon the Mayor declared said resolution adopted, and I so recorded it. 4. Said resolution was approved by the Mayor on 2-26-80 , 1980, and I have so recorded. published in the form and place specified in said resolution; and 5. I have caused the "Notice to Electors" to be copy of said resolution with the Secretary of the Department of I have filed a copy of said notice as published together with a Business Development of the State of Wisconsin within 10 days following the publication of said notice. .. ' /. theTssea1 of the City hereto on this IN WITNESS WHEREOF, I have si ned my name and affixed 57 day of Feb. 1980: i " 3 STATE OF WISCONSIN ) COUNTY OF MILWAUKEE ) ) ss Subscribed and sworn to before me this day, the date last above written. [Notarial Seal]. - -.. _. -ii- A '1 dmr022080 a COMMON COUNCIL OF THE CITY OF MUSKEGO. WISCONSIN Resolution No. - - INITIAL RESOLUTION RELATING TO INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING SIMPSON REALTY COMPANY ON BEHALF OF PRECISION SCREW THREAD COW. AND/OR WHEREAS, the City of Muskego, Wisconsin (the "Munici- pality") 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, as amended (hereinafter sometimes referred to as the "Act"), to: (a) issue industrial development revenue bonds to finance all or any part of the costs of the construction, equipping, reequipping, acquisition, purchase, installation, reconstruction, rebuilding, rehabilitation, improving, or remodeling of a project which qualifies under the Act and supplementing, maintaining, repairing, enlarging, extending the improvement of the site therefor; and participant pursuant to which the eligible participant (b) enter into a revenue agreement with an eligible agrees to cause said project to be constructed and to pay the Municipality an amount of funds sufficient to provide for the prompt payment when due of the principal of and interest on said industrial development revenue bonds; and partnership presently consisting o€ Glenn R. Simpson, Jr., Glenn WHEREAS, Simpson Realty Company, a Wisconsin general R. Simpson, 111, Patricia L. Simpson, and Wade W. Simpson, and/or Precision Screw Thread Corp., a Wisconsin corporation (hereinafter said general partnership OK said corporation or both said general partnership and said corporation are referred to as "Eligible Participant') have been considering undertaking a capital project in the Municipality, and have represented to the Municipality that it would be an encouragement and inducement for development revenue bonds; and it to proceed if the project could be financed with industrial WHEREAS, the project would be for the purpose of manufacturing screw thread products and would consist of a building addition to an existing facility and the acquisition and installation of equipment (hereinafter called the "Project"); and WHEREAS, the Eligible Participant has estimated that the cost of the Project would be approximately $1,000,000; and WHEREAS, it is in the public interest of the Munici- pality to promote, attract, stimulate, rehabilitate and revita- lize commerce, industry and manufacturing, to promote the better- ment of the environment and the economy of the Municipality and to stimulate a large flow of private investment funds into the Municipality; and WHEREAS, it is the finding and determination of this body that the Project is a qualified "project" within the meaning of the Act and that the Eligible Participant is an "eligible participant" within the meaning of the Act; and WHEREAS, it is the finding and determination of this body that the Municipality would derive public benefits from the Project and its operation by the Eligible Participant, including by way of illustration but not limitation the following: the provision and retention of gainful employment opportunities for the citizens of the Municipality; the stimulation of the flow of investment capital into the Municipality with resultant benefi- cial effects on the economy in the Municipality; and the preser- vation and enhancement of the Municipality's tax base; and body that the public interest will be served if the Munici- WHEREAS, it is the finding and determination of this pality were to encourage and induce the Eligible Participant to undertake the Project in the Municipality; NOW, THEREFORE, BE IT RESOLVED: graph 2, the Municipality shall pursue and consummate a financing 1. Subject to the conditions specified in para- having the following elements: -2- (a) The Municipality shall issue industrial develop- ment revenue bonds pursuant to the Act in such amount not in excess of $1,000,000 as the Eligible Participant shall request, provided, however, that the actual amount shall not be greater than the then estimated aggregate cost of pro- viding the Project and paying the costs incident to the financing (said bonds being hereinafter called the "Bonds"). derived from the Eligible Participant or otherwise provided (b) The Bonds shall be payable solely out of revenues ment purchase or similar agreement (hereinafter called the for pursuant to the terms of a lease, sale, loan, install- "Revenue Agreement") to be entered into between the Munici- pality and the Eligible Participant. Participant to acquire, construct or install the Project and (c) The Revenue Agreement shall require the Eligible when due the principal of, premium, if any, and interest on to provide the Municipality with revenues sufficient to pay the Bonds. (d) The Bonds shall have such maturities, interest rates and redemption features as the Eligible Participant sha1.l propose, provided that such terms shall be substan- tially similar to the terms of similar bonds secured by obligations of companies having substantially equivalent credit to that of the Eligible Participant. shall be on the following conditions: 2. The issuance OE the Bonds by the Municipality (a) The Bonds shall not constitute an indebtedness of tional provision or statutory limitation. the Municipality within the meaning of any State constitu- (b) The Bonds shall not constitute or give rise to a pecuniary liability of the Municipality or a charge against its general credit or taxing powers. Project while the Bonds are outstanding, the Eligible (c) If the Municipality shall hold title to the Participant shall be subject to property taxation in the same amount and to the same extent as though the Eligible Participant were the owner of the Project. (d) The Eligible Participant shall be responsible for Einding a purchaser or purchasers for all of the Bonds. (e) The out-of-pocket costs in connection with the issuance and sale oE the Bonds shall be paid either from the proceeds of the Bonds or by the Eligible Participant. -3- electors of the Municipality shall have been given the (f) Prior to the issuance of the Bonds: (i) the opportunity to petition for a referendum on the matter of pet ition shall be timely filed or such petit ion shall have the Bond issue as required by the Act; (ii) either no such been filed and said referendum shall have approved the Bond have authorized and approved the terms of the Bonds and the issue; and (iii) this body, by further resolution, shall Revenue Agreement. (9) The Bonds shall be issued pursuant to the Act, and the delivery of the Bonds shall be accompanied with the unqualified approving legal opinion of Messrs. Foley & Lardner, bond counsel, Milwaukee, Wisconsin, or such other nationally recognized firm of bond attorneys as shall be acceptable to the Municipality and the Eligible Participant. 3. The Clerk shall cause notice of adoption of this Resolution to be published once in The Muskego Sun (the Munici- pality's oEficial newspaper, for the publication of notices pursuant to Chapter 985 of the Wisconsin Statutes) in substan- copy of such public notice together with a copy of this Resolu- tially the form attached to this Resolution, and shall cause a tion to be filed with the Secretary of Business Development of the State of Wisconsin within 10 days following publication of such notice. the meaning of the Act. 4. This Resolution is an "initial resolution" within 5. This Resolution shall be effective immediately been issued prior thereto, the authorities and authorizations upon its passage and approval. Unless the Bonds shall have given by this Resolution shall expire on April 1, 1980 or on such later date as this body may specify by resolution adopted either before or after such date. -4- [Form of Notice to be Published by the Clerk] NOTICE TO ELECTORS OF THE CITY OF MUSKEGO TAKE NOTICE that the Common Council of the City of Muskego, Wisconsin, at a lawful meeting held on the 26th day of February, 1980, adopted an initial resolution, pursuant to Section 66.521 of the Wisconsin Statutes, authorizing the is- suance of not to exceed $1,000,000 principal amount oE industrial development revenue bonds on behalf of Simpson Realty Company, a Wisconsin general partnership andlor Precision Screw Thread Corp., a Wisconsin corporation (hereinafter said general part- nership or said corporation or both said general partnership and said corporation are referred to as "Eligible Participant"). The purpose of the bond issue is to finance the construction, acqui- sition and installation costs of a project consisting of a building addition and equipment to be located in the City and operated by the Eligible Participant for the manufacture of screw thread products. THE BONDS SHALL NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY OF MUSKEGO; NOR SHALL THE BONDS GIVE RISE TO ANY PE- AGAINST THE GENERAL CREDIT OR TAXING POWER OF THE CITY. RATHER, CUNIARY LIABILITY OF THE CITY; NOR SHALL THE BONDS BE A CHARGE AMOUNTS DERIVED OR RESULTING FROM A REVENUE AGREEMENT TO BE THE BONDS SHALL BE PAYABLE SOLELY FROM THE REVENUES AND OTHER ENTERED INTO WITH THE ELIGIBLE PARTICIPANT. The aforesaid initial resolution is a public document during business hours. and may be inspected by any elector of the City at the City Hall, TAKE FURTHER NOTICE THAT THE ELECTORS OF THE CITY OF MUSKEGO MAY PETITION FOR A REFERENDUM ON THE QUESTION OF THE BOND ISSUE. Section 66.521(10)(d) of the Wisconsin Statutes, provides: "(d) The governing body may issue bonds under this section without submitting the proposition to the electors oE 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% oE 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 of the issuance of the bonds. If such a petition is Eiled, the municipality requesting a referendum upon the question the bonds shall not be issued until approved by a majority of the electors of the municipality voting thereon at a general or special election." IsJBetty Bowyer City Clerk -5-