CCR1983216i
RESOLUTION #216-83
CITY OF MUSKEGO, WISCONSIN
INITIAL RESOLUTION REGARDING
INDUSTRIAL DEVELOPMENT REVENUE BONDS (Edward H. and Erla M. Lanke)
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authorized by Section 66.521, Wisconsin Statutes, as amended
WHEREAS, the City of Muskego, Wisconsin (the "City"), is
equip, acquire by gift, lease or purchase, install,
(the "Act"), to, among other powers, (i) construct, equip, re-
reconstruct, rebuild, rehabilitate, improve, supplement,
replace, maintain, repair, enlarge, extend or remodel
agreements for the same in order to promote the right to
industrial projects, (ii) enter into revenue producing
gainful employment, business opportunities and general welfare
of its inhabitants and to preserve and enhance its tax base,
such industrial projects, which bonds are to be payable solely
(iii) borrow money and issue bonds to finance costs related to
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
bonds may be secured by a mortgage and/or security interest in
authorized by this Council and permitted by law, and which
the project or other security; and
"Lankes") have represented to the City that they need to
WHEREAS, Edward H. Lanke and Erla M. Lanke, his wife, (the
construct an industrial building in the City to be initially
used by Wisconsin Coil Spring, Inc., a Wisconsin corporation
and wire products and related manufacturing activities (which
(the "Company") in connection with the manufacture of springs
building and related improvements are herein called the
has had negotiations with the City as to the feasibility of
"Project"), for an estimated cost not to exceed $1,000,000; and
undertaking the Project in the City or elsewhere and as to the
financing of part or all of the costs of the Project through the
bonds pursuant to the act.
issuance by the City of its industrial development revenue
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
(1) In view of the considerable benefits to be derived by
City, the City intends to consummate a Project Financing Agree-
induce and encourage the Lankes to undertake the Project in the
ment pursuant to which the City shall
by the Lankes industrial development revenue bonds in the
(a) issue, sell and deliver to purchasers procured
aggregate amount of not to exceed $1,000,000 in order to
finance costs related to the Project, which bonds shall be
and all documents pertinent thereto are reviewed, autho-
(a) the details of the Project Financing Agreement
rized and approved by resolution of this Council;
(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;
such petition shall have been so filed and said referendum (c) either no such petition shall be timely filed or
shall have approved the bond issue; and
(d) all documents required in connection with the
financing shall have been duly executed by the parties
thereto and delivered to the extent required.
(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 the City in substantially
the form attached to this Resolution.
(6) The City Clerk is hereby directed to file with the
copy of this Resolution together with a copy of the public
Secretary of Business Development of the State of Wisconsin a
notice of its adoption within ten days following publication of
such notice.
Adopted , 1983
City Clerk
Approved , 1983
Mayor
NOTICE TO ELECTORS OF
THE CITY OF MUSKEGO,
WAUKESHA COUNTY, WISCONSIN
TAKE NOTICE that the Common Council of the Citv of
Muskego, Waukesha County, Wisconsin at a lawful meeting heid on
the day of , 1983, adopted an initial
resolution, pursuant to Section 66.521 of the Wisconsin
Statutes, as amended, setting forth the intent of the City to
exceed $1,000,000 for the purpose of financing costs related to
issue industrial development revenue bonds in an amount not to
the construction of a building to be initially used by
Wisconsin Coil Spring, Inc., a Wisconsin corporation, in
connection with the manufacture of springs and wire products
and related manufacturing activities and to enter into a
revenue agreement with Edward H. Lanke and Erla M. Lanke, his
wife, with respect to such financing.
THE BONDS SHALL BE PAYABLE SOLELY FROM THE REVENUES AND
OTHER AMOUNTS DERIVED OR RESULTING FROM A REVENUE AGREEMENT
WITH RESPECT TO THE FINANCED PROJECT OR, IN THE EVENT OF
DEFAULT OF SUCH AGREEMENT, AS OTHERWISE AUTHORIZED BY THE CITY
OF MUSKEGO AND PERMITTED BY LAW. THE BONDS SHALL NOT
CONSTITUTE AN INDEBTEDNESS OF THE CITY OF MUSKEGO 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 A CHARGE AGAINST ITS GENERAL
CREDIT OR TAXING POWERS.
The resolution may be inspected by any elector of the City
at the office of the City Clerk, City Hall, Muskego, Wisconsin
during business hours.
The bonds will be issued without submitting the
proposition 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 registered electors
of the City, is filed with the City Clerk requesting a
referendum upon 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.
Dated , 1983.
City Clerk