Sponsor
Alderman Shakoor
Title
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF RACINE, WISCONSIN APPROVING THE ISSUANCE BY THE PUBLIC FINANCE AUTHORITY OF BONDS ON BEHALF OF WHPC - SOUTHERN BOND POOL I, LLC
WHEREAS, WHPC-Southern Bond Pool I, LLC (the “Borrower”), has requested that the Public Finance Authority (the “Authority”) issue bonds (the “Bonds”) in an amount not to exceed $36,000,000, a portion of which, in the approximate amount of $11,687,000, will be used to finance the costs of the acquisition, renovation and equipping of residential rental facilities for individuals and families of low and moderate income including a 108-unit facility known as Albert House Apartments, located at 4000 and 4100 Maryland Avenue, Racine, Wisconsin 53403 and a 50-unit facility known as Woodside Village Apartments, located at 2800 and 2854 Crossridge Drive, Racine, Wisconsin 53403 (the “Projects”); and
WHEREAS, the Projects will initially be owned and operated by the Borrower; and
WHEREAS, the Bonds or a portion thereof will be “private activity bonds” for purposes of the Internal Revenue Code of 1986 (the “Code”); and
WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private activity bonds are required to be approved by the “applicable" elected representative of a governmental unit having jurisdiction over the entire area in which any facility financed by such bonds is to be located, after a public hearing held following reasonable public notice; and
WHEREAS, the members of this Common Council (the Governing Body”) of the City of Racine, Wisconsin (the “City”) are the applicable elected representatives of the City; and
WHEREAS, the Borrower has requested that the Governing Body approve the financing of the Project and the issuance of the Bonds in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Amended and Restated Joint Exercise of Powers Agreement Relating to the Public...
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