CCR1994052COMMON COUNCIL - CITY OF MUSKEG0
RESOLUTION #52-94
RESOLUTION AUTHORIZING TRANSFER OF PROPERTY
TO GORDON V. KOTTKE
(Industrial Development Revenue Bonds,
Series 1974 Kottke-Marcott Project)
WHEREAS, the City of Muskego (the "City") issued its Industrial
Development Revenue Bonds, Series 1974 (Kottke-Marcott Project)
(the "Bonds") in 1975; and
WHEREAS, the Bond financing was accomplished under a sale and
lease back transaction pursuant to which Gordon V. Kottke and
Robert A. Marcott conveyed their interest in the Project land,
building and equipment financed by the bonds (the "Project") to
the City and leased the property back pursuant to a Lease
Agreement (the "Lease") ; and
WHEREAS, the Bonds were sold on the basis of the credit of
Messrs. Kottke and Marcott and a guarantee from Interstate Tool E,
Engineering Corporation, the stock of which was owned by Messrs.
Kottke and Marcott and not on the basis of the credit of the
City; and
WHEREAS, Section 10.3 of the Lease provides that the Lessee will
purchase and the City will sell to the Lessee the Project for
$10, following full payment of the Bonds; and
WHEREAS, the City has been informed that the Bonds have been paid
in full and Gordon V. Kottke has now requested that the purchase
transaction take place; and
WHEREAS, as outlined in a letter from William Lentz, who has
Marcott died in 1985, and Mr. Kottke now singly holds the
served as the Company's accountant during this period, Mr.
leasehold interest and 100% of the stock of Interstate Tool &
Engineering Corporation; and
WHEREAS, the Finance Committee has recommended authorizing the
transfer .
NOW, THEREFORE, BE IT RESOLVED that the Common Council of the
City of Muskego, upon the recommendation of the Finance
Committee, does hereby authorize the Mayor and City Clerk to
execute the documents necessary to fulfill the City's obligations
to convey the Project financed by the Bonds to Gordon V. Kottke
pursuant to Section 10.3 of the Lease.
a Resolution #52-94
BE IT FURTHER RESOLVED that all costs involved in this transfer
shall be the responsibility of Gordon V. Kottke.
DATED THIS 8TH DAY OF MARCH , 1994.
SPONSORED BY:
FINANCE COMMITTEE
Ald. Patrick A. Patterson
Ald. Edwin P. Dumke
Ald. David J. Sanders
This is to certify that this is a true and accurate copy of
Resolution #52-94 which was adopted by the Common Council of the
City of Muskego.
3/94 jmb