CCR1980132- II ,
0
RESOLUTION 8132-80
C ITY OF MUSKEGO. WISCONS 'IN
lNITIAL RESOLUTION REGARDING
JNDUSTRIAL DEVELOPMENT REVENUE BONDS
WHEREAS, the City of Muskego, Wisconsin (the "City"), is
authorized by Section 66.521, Wisconsin Statutes, as amended (the
"Act"), to, among other powers, (i) construct, equip, re-equip,
acquire by gift, lease or purchase, install, reconstruct, rebuild,
rehabilitate, improve, supplement, replace, maintain, repair,
revenue producing agreements for the same in order to promote the
enlarge, extend or remodel industrial projects, (ii) enter into
right to gainful employment, business opportunities and general
base, (iii) borrow money and issue bonds to finance costs related
welfare of its inhabitants and to preserve and enhance its tax
to such industrial 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 authorized
by this Council and permitted by law, and which bonds may be
secured by a mortgage and/or security inter,est in the project or
other security; and
WHEREAS, Ladd Marek, an individual, and L. Marek Lithographics,
hereinafter individually or as part of any combination-or partner-
Inc., a Wisconsin corporation (said individual and said corporation
ship called the "Company") have represented to the City that the
Company needs to construct an addition to and purchase and
by L. Marek Lithographics, Inc. in the City in connection with its
install equipment for the facility (the "Plant") presently operated
business of printing and related manufacturing and service
activities; and
WHERF.AS;'.the-.Company expects that.such:construction~.-.,equipping -
and related improvements (herein called the *'Project") will be
tions with the City as to the feasibility of undertaking the
for an estimated cost not to exceed $300.000; and has had negotia-
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
Act;
City of its industrial development revenue bonds pursuant to the
NOW, THEREFORE, BE IT RESOLVED by this Common Council of the
City of Muskego:
(1) In view of the considerable benefits to be derived by
the City from the development of the Project in the City, and to
induce and encourage the Company to undertske the Project in the
pursuant to which the City shall
City, the City intends to consmate a project financing aqreement
(a) issue, sell and 6eliver to purchzsers 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 $300,000 in order to finance
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) acquire part or all of the Plant, if necessary and
proper pursuant to such project financing agreement;
(c) enter into a revenue agreement with the Company
with respect to at least that part of the Plant financed by
industrial revenue bonds, providing revenues sufficient to
pay principal of, and interest on, the bonds when due,
providing for completion of part or all of the Project by
the Company, and which may further provide for the right of
the Company to acquire any part of the Plant which the City
shall have acquired previously, for the aggregate amount
equal to the amount required to-retire all the outstanding
required by law;
" -bonds'-plus Orie Dollar .(.$1)- or' such -other. sum. as--may- be
(d) 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
of a mortgage and/or security interest in part or all of the
necessary, if any, including but not limited to, the granting
Plant, in order to further secure payment of principal of,
premium, if any, and interest on the bonds.
never constitute an indebtedness of the City 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 its officers and officials or a charge against its general
credit or taxing powers.
(2) the bonds issued to finance costs of the Project shall
(3) If the City owns any part of the Plant, taxes shall be
assessed to the user of such part of the Plant in the same m,anner
and amount as though such user owned such part.
authorized to negotiate the terms of the project financing
(4) The appropriate officials of the City are hereby
agreement, revenue producing agreement, any instruments of
conveyance, indenture of trust, if any, and any other documents
required to properly complete the financing provided that all
conditions of this Resolution and the provisions of the Act and
such terms, documents and procedures shall be subject to the
shall not be binding unless and until:
(a) the details of the project financing agreement and
all documents pertinent thereto are reviewed, authorized and
" approved by resolution of this Council:
.. -2-
(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;
(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
financing shall have been duly executed by the parties
thereto and delivered to the extent required.
(d) all documents require.d in connection with the
(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) in
the official newspaper of tbe City in substantially the form
attached to this Resolution.
(6) The City Clerk is hereby directed to file with the
Secretary of Business Development of the State of Wisconsin a
copy of'this ResoIution together with a copy of the'~pub1ic-notice
of its adoption within ten days following publication of such
notice.
the authorities and authorizations~ given by.-this Resolution shall
expire on July 11, 1982 or on such later date as this body may
specify by resolution adopted either before or after such date.
(7) Unless the bonds shall have been issued prior thereto,
Approved , 1980
c
Mayor
-3-
NOTICE TO ELECTORS OF
TFiE CITY OF MUSKEGO
WAUKESHA COUNTY, WISCONSIN
TAKE NOTICE that the Common Council of the City of Muskego,
Waukesha County, Wisconsin at a-lawful meeting held on the
to Section 66.521 of the Wisconsin Statutes, as amended, setting
forth the intent of the City: (1) to issue industrial development
revenue bonds in an amount not to exceed $300,000 for the purpose
,of financing costs related to the construction of an addition to
by L. Marek Lithographics, Inc., a Wisconsin corporation, in the and purchase and installation of equipment for the plant operated
City presently used in connection with its business of printing
and related manufacturing and service activities and (2) to enter
into a revenue agreement with Ladd Marzk, an individual, and
L. Marek Lithographics, Inc. (individually or as part of any
combination or partnership) with respect to such financing.
day of July, 1980, adopted an- initial resolution, pursuant
--THErBONDS --SHALL. BE- PAYABLE. SOLELY ..FROM_THF~ REVENUES AND
OTHE-R AMOUNTS DERIVED OR RESULTING -FROM -A REVENUE’AGREEMENT WITH
RESPECT TO THE FINANCED PROJECT OR, IN TFJE EVENT OF DEFAULT OF
SUCH AGREEMENT, AS OTHERWISE AUTHORIZED BY THE CITY OF MUSKEGO
AND PERMITTED BY LAW. THE BONDS SRALL NOT CONSTITUTE AN INDEBTED-
NESS OF THE CITY OF MUSKEGO WITHIN THE MEANING OF ANY STATE
CONSITUTUTIONAL PROVISION OR STATUTORY LIMITATION, AND SHALL NOT
CONSTITUTE OR GIVE RISE TO A PECUNI’ARY LIABILITY OF THE CITY OR A
CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS.
the office of the City Clerk, City Rall, Wl82 s8200 Racine Avenue,
Muskego, Wisconsin 53150 during business hours.
The resolution may be inspected by an elector of the City at
to the electors of the City for approval unless within 30 days
from the date of publication of this notice a petition, signed by
not less than 5% of the re.gistered electors of the City, is filed
with the City Clerk requesting a referendum uRon the question of
the issuance of the bonds. If such petition is filed, the bonds
shall not be issued until approved by a majority of the electors
of the city voting thereon at a general or special election.
The bonds will be issued without submitting the proposition
Dated July , 1980.
City Clerk