HomeMy WebLinkAbout08-232JUNE 24, 2008
08-232 RESOLUTION
(CARRIED 6-1 P LOST LAID OVER WITHDRAWN )
PURPOSE: CITY OF OSHKOSH, WISCONSIN RESOLUTION REGARDING
INDUSTRIAL DEVELOPMENT REVENUE BOND FINANCING BY
THE TOWN OF NEKIMI, WISCONSIN
WHEREAS, the Common Council for the City of Oshkosh, Wisconsin (the "City"),
has been informed that the Experimental Aircraft Association, Inc. (the "EAA") has
requested the Town of Nekimi, Wisconsin to issue its Industrial Development Revenue
Bonds (the "Bonds") to help the EAA finance a project (the "Project") to consist of
improvements to the infrastructure of the EAA grounds including the main gate, roads,
parking areas, transportation systems, exhibit buildings and areas, the campground and
other improvements, including a new exhibit building; and
WHEREAS, the Project to be financed with the proceeds of the bonds will be
located partially in the City of Oshkosh, partially in the Town of Nekimi and partially in
the Town of Algoma; and
WHEREAS, pursuant to Wis. Stat. 66.1103(3)(f) the Town of Nekimi is permitted
to issue Industrial Development Revenue Bonds to finance the entire portion of a
qualifying project that is located partially within the Town of Nekimi and partially within
other municipalities where the Project is located in a single contiguous location; and
WHEREAS, pursuant to Section 147(f)(2)(A) of the Internal Revenue Code of
1986 each municipality in which a portion of a Project to be financed with an Industrial
Development Revenue Bond must approve the Project after a public hearing following
reasonable public notice;
NOW, THEREFORE, BE IT RESOLVED By This Common Council Of The City
Of Oshkosh, Wisconsin, That:
This Resolution constitutes public approval by the Common Council of the City of
Oshkosh, an elected legislative body of the City as referred to in Section 147(f) of the
Internal Revenue Code of 1986, following a public hearing held on June 10, 2008
following reasonable public notice, of Industrial Development Revenue Bonds in an
amount not to exceed $10,000,000 to be issued by the Town of Nekimi, the proceeds of
which will be loaned to the Experimental Aircraft Association, Inc.