Sponsor
Alderman Spangenberg
Title
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $7,000,000 Note Anticipation Notes
WHEREAS, the City of Racine, Racine County, Wisconsin (the "City") is presently in need of $7,000,000 for the public purpose of financing capital improvement projects and acquisitions set forth in the City’s 2006 Capital Improvement Plan (the "Project"); and
WHEREAS, the Common Council hereby finds and determines that the Project is within the City's power to undertake and therefore serves a "public purpose" as that term is defined in Section 67.04(1)(b) of the Wisconsin Statutes; and
WHEREAS, cities are authorized by the provisions of Chapter 67 of the Wisconsin Statutes to borrow money and issue general obligation promissory notes for such public purpose; and
WHEREAS, the City intends to issue general obligation promissory notes (the "Securities") to provide permanent financing for the Project; and
WHEREAS, the Securities have not yet been issued or sold; and
WHEREAS, it is the finding of the Common Council that it is necessary, desirable and in the best interest of the City to provide for the issuance and sale of note anticipation notes pursuant to Section 67.12(1)(b), Wisconsin Statutes, in anticipation of receiving the proceeds from the issuance and sale of the Securities to provide interim financing to pay the cost of the Project and to sell such notes to Robert W. Baird & Co. Incorporated, Milwaukee, Wisconsin, pursuant to the terms and conditions of its note purchase proposal.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City that:
Section 1. General Obligation Promissory Notes. The City hereby declares its intention and covenants to issue general obligation promissory notes pursuant to the provisions of Chapter 67 of the Wisconsin Statutes, in an amount sufficient to retire any outstanding note anticipation notes issued for the purpose of paying the cost of the Project (hereinafter, such notes shall be referred to as ...
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