Sponsor
Alderman Friedel
Title
City of Racine, Wisconsin Initial Resolution for Revenue Bonds which also constitutes a resolution declaring official intent to reimburse expenditures on the project with proceeds of a tax-exempt borrowing
WHEREAS, the City of Racine, Wisconsin (the “Municipality”) is authorized by Wisconsin Statutes Section 66.1103 (the “Act”) to issue Bonds to finance costs of certain projects including manufacturing facilities; and
WHEREAS, bonds issued pursuant to the Act are to be payable from amounts paid under a revenue agreement (as defined in the Act) relating to the project being financed and not from tax revenues or other funds of the Municipality; and
WHEREAS, Premier Aluminum, LLC, a Delaware limited liability company (the “Borrower”), wishes to pursue the construction of improvements to an existing facility owned by the Borrower in the Municipality, construction of an addition to the facility, acquisition and installation of equipment for such facility and addition and related improvements (the “Project”) for use in connection with the business of manufacturing permanent mold aluminum castings and related manufacturing and service activities; and
WHEREAS, the Borrower has asked the Municipality to indicate its intention to provide financing under the Act for all or a portion of the bonds and the Project before it proceeds; and
WHEREAS, the Borrower also has presented the Municipality with evidence of its intention to reimburse itself for expenditures relating to the Project which it pays with funds which are not the proceeds of revenue bonds issued under the Act; and
WHEREAS, the Borrower expects the reimbursement to be funded with the proceeds of qualified small issue private activity revenue bonds which will constitute reimbursement bonds to be issued on its behalf with respect to the Project and has indicated that it does not expect the aggregate principal amount of any bonds to be issued for the Project to exceed $...
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