Sponsor
Alderman Spangenberg
Title
Resolution Authorizing the Issuance and Sale of up to $2,657,592 Wastewater Utility Revenue Bonds, Series 2010, and providing for other details and covenants with respect thereto
WHEREAS, the City of Racine, Racine County, Wisconsin (the "Municipality") owns and operates a wastewater utility system (the "System") which is operated for a public purpose as a public utility by the Municipality; and
WHEREAS, certain improvements to the System are necessary to meet the needs of the Municipality and the residents thereof, consisting of the construction of a project (the "Project") assigned Clean Water Fund Program Project No. 4285-15 by the Department of Natural Resources, and as described in the Department of Natural Resources approval letter for the plans and specifications of the Project, or portions thereof, issued under Section 281.41, Wisconsin Statutes, assigned No. S-2008-0584 and dated August 14, 2008 and No. S-2008-0634 and dated October 2, 2008 by the DNR; and
WHEREAS, under the provisions of Chapter 66, Wisconsin Statutes any municipality may, by action of its governing body, provide for purchasing, acquiring, constructing, extending, adding to, improving, operating and managing a public utility from the proceeds of bonds, which bonds are to be payable only from the revenues received from any source by such utility, including all rentals and fees; and
WHEREAS, the Municipality deems it to be necessary, desirable and in its best interest to authorize and sell wastewater utility system revenue bonds of the Municipality payable solely from the revenues of the System, pursuant to the provisions of Section 66.0621, Wisconsin Statutes, to pay the cost of the Project; and
WHEREAS, pursuant to Resolution No. 7363 adopted on April 19, 1994 (the "1994 Resolution"), the Municipality has also previously issued its Wastewater Utility Revenue Bonds, Series 1994, dated April 27, 1994 (the "1994 Bonds"), which are payable from the inco...
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