CCR2019054-BCPL Loan
COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #054-2019
RESOLUTION TO APPROVE THE STATE OF WISCONSIN
BOARD OF COMMISSIONERS OF PUBLIC LANDS (BCPL)
APPLICATION FOR STATE TRUST FUND LOAN
WHEREAS, In October of 2016, the Common Council authorized the issuance and sale
of a $2,866,170.00 General Obligation Promissory Note to First Business Bank for
funding the Parkland Towne Center incentive payments per the Developer Agreement;
and
WHEREAS, The principal amount under the Note is due December 1, 2019. Since
there are no prepayment penalties and considering current interest rates, staff
proceeded to request an application from the Board of Commissioners of Public Lands
for a State Trust Fund Loan in the amount of $1,444,690.00 with a term of 10 years and
an interest rate of 3.75% per annum; and
WHEREAS, The Finance Committee has reviewed the proposed loan application and
has recommended approval.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of
Muskego, upon the recommendation of the Finance Committee, does hereby approve
the attached BCPL documentation to borrow $1,444,690.00 from the Trust Funds of the
State of Wisconsin.
BE IT FURTHER RESOLVED That the Clerk-Treasurer is authorized to execute the
documentation to finalize the loan.
TH
DATED THIS 25 DAY OF JUNE , 2019.
SPONSORED BY:
FINANCE COMMITTEE
This is to certify that this is a true and accurate copy of Resolution #054-2019 which
was adopted by the Common Council of the City of Muskego.
______________________________
Clerk-Treasurer
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