City of Racine - File #: Res.10-2225

• File #: Res.10-2225
• Version: A
• Name: Permission granted for the City of Racine to guarantee a loan for Altus Vinyl, LLC., and Mayor and City Clerk be authorized and directed to execute a Limited Guarantee of Specific Transaction documenting such guarantee
• Type: Resolution
• Status: Passed
• File created: 10/19/2010
• In control: City Attorney's Office
• Final action: 10/19/2010
• Title: Permission granted for the City of Racine to guarantee a loan for Altus Vinyl, LLC., and Mayor and City Clerk be authorized and directed to execute a Limited Guarantee of Specific Transaction documenting such guarantee Resolved, that permission be granted for the City of Racine to guarantee a loan not to exceed $50,000 in a 5-year term for Altus Vinyl, LLC., and that the Mayor and City Clerk be authorized and directed to execute a Limited Guarantee of Specific Transaction documenting such a guarantee. Fiscal Note: The funds are available in the Intergovernmental Revenue Sharing (919) Account and will be utilized for purchasing assets of the former Dynaseal, Inc., general working capital and start up expenses.
• Sponsors: James Spangenberg
• Related files: 10-5647

Date	Ver.	Action By	Action	Result
10/19/2010	A	Common Council	Adopted	Pass

Sponsor

Alderman Spangenberg

Title

Permission granted for the City of Racine to guarantee a loan for Altus Vinyl, LLC., and Mayor and City Clerk be authorized and directed to execute a Limited Guarantee of Specific Transaction documenting such guarantee

Resolved, that permission be granted for the City of Racine to guarantee a loan not to exceed $50,000 in a 5-year term for Altus Vinyl, LLC., and that the Mayor and City Clerk be authorized and directed to execute a Limited Guarantee of Specific Transaction documenting such a guarantee.

Fiscal Note:  The funds are available in the Intergovernmental Revenue Sharing (919) Account and will be utilized for purchasing assets of the former Dynaseal, Inc., general working capital and start up expenses.