Loading...
HomeMy WebLinkAbout33149 / 84-01COMMON COUNCIL OF Tf� CITY OF OSHKOSH, WISCONSIN RESOLUTION N0. �_ RESOLUTION AUTHORI2ING Tf� ISSUANCE AND SAI,E OF $8,000,000 OF FLOATING RATE DEMAND INDUSTRIAL DEVELOPMENT REVENUE BONDS, MORGAN PRODUCTS LTD. ISSUE, SERIES 1984, QF CITY OF OSHRDSH, WISCONSIN, FOR THE PURPOSE OF MARING A LOAN TO MORGAN PRODUCTS LTD. TO FINANCE TfiE ACQUISITION, REHABILITATION, CONSTRUCTION, EQOIPPING AND INSTALL- ATION OF A DOOR AND MILLWORK MANUFACTURING FACILITY; PROVIDING FOR Tf� PLEDGE OF REVENUES FOR Tf� PAYMENT OF SAID BONDS; AND AUTHOR- IZING A BOND PURCHASE AGREEMENT, LOAN BGREEMENT, TRUST INDENTURE, THE RECEIPT OF NOTE PAYMENTS, AND TI� ASSIGNMENT OF Tf� CITY'S INTEREST IN Tf� IAAN AGREEMENT, NOTE, MORTGAGES, SECURITY AGREEMENT AND GUARANTY FOR 1'HE PROTECTION AND DISPOSITION OF SUCA REVENUES AND TO FURT7�R SECURE Tf� PAYMENT OF SAID BONDS. PREAMBLE Wi�REAS, the City of Oshkosh (the "City") is organized and existing under and pursuant td the Constitution and the laws of the State of Wisconsin, and is authorized by Wis. Stat. §66.521, as supplemented and amended (the "Act"), to do, among other things, the following; (a) Issue iadustrial development revenue bonds in order to assist i.n the financiag of industrial facilities located within the boundaries of the Issuer, (b) To enter into revenue agreements with the owner and user of such facilities providing for revenues as defined and determinad under the Act sufficient to pay the principal and interest on such revenue bands, (c) To secure such revenue bonds by a pledge and assignment of such ravenues aad of the rigfits of the Issuer under the revenue agreemeat fzom said owner and user of the industrial facility and to receive other forms of assuraaces and guarantees from other eligible participants and to assign the same and the rights of the Issuer thereunder to a trustee on behalf of the bondholders as provided for herein and to enact this Bond Resolution and enter i.nto the agreements and receive the security con- templated hereunder and to assign the same to a trustee on behalf of the bondholders upon the terms and conditions provided for herein to accom- plish the purpose of the Act; and WHEREAS, the Common Council is the elected legislative body of the City; and WHEREAS, the City, pursuant to an Initial Resolution of the Common Council duly adopted and approved on January 5, 1984, expressed an intention to issue industrial development revenue bonds in an aggregate amount not excaedi.ng $8,OOQ,000 and loan the proceeds thereof to Morgan Products Ltd., a Delaware corporation (the "Company"), and public notice of adoption of the Initial Resolution was given, and the Initial Resolution and notice was filed as providad by law aad more than 30 days have elapsed since tha date of publi- cation of notice of adoption of the Initial Resolution and no petition requesti.ng a referendum on the question of the issusnce of the Series 1984 Bonds has been filed; and WF�REAS, the Common Council of the City has properly noticed and held a public hearing on the proposal for issuance of the Series 1984 Bonds on December 2Q, 1984; and WHEREAS, the Common Council of the City on January 5, 1984, adopted a resolution waiving the provisions of Wis. Stat. §66.521(11)(b)2 relating to competitive bidding, and notice of said resolution was published in the Qshkosh Northwesterny the official City Newspaper, as a CZass l notice under Wis. Stat. ch. 985 on January 10, 1984; and WF�REAS, the City has made necessary arrangements with Company for its acquisition, rehabilitation, construction, and equipment of its Project (as hereinafter defi.ned) located in the City of Oshkosh, Wisconsi.n, from which Project the City will receive substantial benefits, including, by way of illustration, but not Iimitation, addition to and retention of more steady employment of its citizeas resulting in the alleviation of unemployment within the City and the maintenance or increase in the tax base of the City, resulti.ng in greater support for educational and municipal services, the stim- ulation of existing and new businesses and industries within the City and its environs, and the sti.mulation of private investment funds from financial institutions and individuals; aad WHEREAS, the City has msde necessary arrangements with the Drexel Burnham Lambert Incorporated (the "Underwriter"), for the purchase and receipt of the Series 1984 Bonds (as hereinafter defined) when issued and the assignment to the Trustee (as hereinafter defined) of the City's right, title and interest in payments required under the Loan Agreement, Note, Mortgages, Security Agreement, and Credit Facilitp (all as hereinafter defined) contemplated under this plan of financing to secure the payment of the principal and interest upon the Boads when due; and Wf�REAS, the acquisition, rehabilitation, construction and equipment of the Project by the Companp and the issuance of the Series 1984 Bonds by the City as herein recited and provided in the judgment of the Common Council will serve the intended purposes and in all respects conform to the provisioas and requirements of the Act, NOW, Tf�REFORE, BE IT RESOLVED by the Common Couacil of the City of Oshkosh, Wisconsin, as follows: -2- ARTICLE I Definitions and Construction Section 1.1 Definitions. All capitalized terms not defined herein shall have the same meanings as defined i.a the Trust Indentura by and between the City and National Westminster Bank USA (the "Trustee") dated as of December 15, 1984 (the "Indenture"), the Loan Agreement, and the Bond Purchase Agreemant, all as on file with the City Clerk on the date hereof. "BOND PROCEEDINGS" means this Resolution, as the same may from time to time be lawfully amended, modified or supplemented. "BOND PURCHASE AGREEMENT" means the Bond Purchase Agreement between the Issuer, the Company and Drexel Burnham Lambert Incorporated, dated December 27, 1984, as on file with with the City Clerk on the date hareof. "REMARKETING AGREEMENT" means the Remarketing Agreement dated as of December 15, 1984 between the Issuer, the Company and Drexel Bumham Lambert Incorporated; as on file with the City Clerk on the date hereof. Section 1.2 Construction. (a) Any reference herein to the "City," the "Issuer," the "Common Council," or to any officers, agents or representatives thereof, shall include those which succeed to their functions, duties or responsi- bilities pursuant to or by operation of law or who are lawfully per- forming their fuactioas. Any reference to a section or provision of the "Wistonsi.n Laws" or "Wisconsin Statutes" shall include such section or provision or chapter as from time to time amended, modified, revised, supplemented, or superseded, provided that no such amendment, modifi- cation, revisions, supplementation or supersession shall altar the obligation to pay the pri.ncipal of and premium, if any, on the Series 1984 Bonds i.n the amount and manner, at the times, and from the sources provided in the Bond Proceedings, except as atherwise herein permittad. (b) Unless the context shall otherwise indicate, words impoxtiag the si.ngular number shall i.nclude the plural number, and vice versa, the masculine includes the feminine, and the terms ��hereof," "hereby," "hereto," "hereunder," and similar terms, mean these Bond Proceedings. ARTICLE II Determinations Section 2.1 Findings of Public Benefit. It is hereby determined that: (a) The Project is a qualified "project" as defined in the Act and is coasistent with the purposes of the Act, and the Company is aa "eli- gible participant'� as defined in the Act; -3- (c) The use of the Project is in furtherance of the purposes of the Act being an industrial manufacturing facility and is economically sound and will benefit the citizens of the Issuer and of the State of Wisconsin by creating jobs and employment opportunities and improving the economic welfare of the citizens of the Issuer and of the State; and (d) The authorization and issuance and sale of the Series 1984 Bonds as providad herein is in the best interest of the Issuer and con- sistent with all legal requirements. Section 2.2 FindinRS of Adequacv of Financi.nst. It is hereby furthez determined that: (a) The amount necessary to make the loan to the Company to finance the Costs of the Project will require the issuance, sale and delivery of the Series 1984 Bonds in the aggregate principal amount of $8,000,000; (b) The payments provided for under the Note and Loan Agreement will be sufficient to pay the principal, premium, if any, and interest under the Series 1984 Bonds; (c) The paymants provided for under the Note and Loan Agreement to be paid into the Disbursement and Bond Funds as established are appro- priate and advisable for retirement of the Series 1984 Bonds; and (d) The Loan Agreement provides for appropriate maintenance and insurance of the Project. ARTICLE III Authoriaations Section 3.1 Authorization of Bond. The Series 1984 Bonds are hereby authorized to be issued in an aggregate principal amount of not exceeding Eight Million Dollars ($8,000,000), in the form and manner described i.n the Indenture. The Series 1984 Bonds will be dated such date and mature in such years and amounts, will coatain such redemption provisions, and will bear interest at such rates (not exceedi.ng the maxi.mum interest rate permitti.ng by applicable provision of law), as provided in the Indentura. Section 3.2 Authorization of Execution and Deliverv of Bond Purchase Agreement. The City Manager of the Issuer is hereby authorized to execute, and the Clerk of the Issuer is hereby authorized to attest under the seal of the Issuer, the Bond Purchase Agreement in substantially the form on file with the City Clerk on the date hereof, with such changes therein, whether made prior to the execution thereof or thereafter, as shall be approved from time to time by such officer executing the same, such approval to be coaclusively evidenced by theiz execution thereof, and to deliver the same to the Company and the Underwriter, all of the provisions of which, when executed and delivered by the Issuar as authorized herein and by the other parties thereto duly authorized, shall be deemed to be a part of this instrument as fully and to the same extent as if incorporated verbatim herein. Such officers aad all -4- other officers and employees of the Issuer are hereby authorized to execute such further agreements and documents and to take such further action as shall be necessary to carry out the intent and purposes expressed in the Bond Purchase Agreement and are further authorized to take such other steps and actions as may be required and necessary in order to issue and sell the Series 1984 Bonds. Section 3.3 Authorization of Execution and Deliverv of Indenture. As security for the payment of the principal of and premium, if any, and interest on tha Series 1984 Bonds, pro rata and without preference of anq one of the Series 1984 Bonds over any other thereof, the Indenture in substantially the form on file with the City Clerk on the date hereof, with such changes, alterations, and corrections as may be approved by the City Maaager of the Issuer, such approval to be conclusively presumed by his execution thereof, is hereby approved by the Issuer, and the Issuer hereby suthorizes and directs said City Manager to execute, and the Clerk of the Issuer to attest under the seal of the Issuer, the Indenture and to deliver to the Trustee the Indenture, all of the provisions of which, when executed and delivered by the Trustee as authorized herein and by the Trustee duly authorized, shall be deemed to be a part of this i.nstrument as fully and to the same extent as ii incorporated verbatim herain. The Issuer does hereby provide in the Indenture the terms, conditions, covenants, rights, obligations, duties and agreements to and for the benefit of the holders of the Series 1984 Bonds, the Issuer, the Company and the Trustee. Section 3.4 Authorization of Execution and Delivery of Loan ARreement. The Loan Agreement, in substantially the form on file with the City Clerk on the date hereof, with such changes, alterations, and corrections as may be approved by the City Manager of the Issuer, such approval to be conclusively presumed by his execution thereof, is hereby approved by the Issuer and the Issuer hereby authorizas and directs said City Manager to execute, aad the Clerk of the Issuer to attest under the seal of the Issuer, the Loan Agreement and to deliver to the Company the Loan Agreement, all of the provisions of which, when executed and delivered by the Issuer as authorized herein and by the Company duly suthorized, shall be deemed to be a part of this instrument as fully and to the same extent as if incorporated verbatim herein. Section 3.5 Authorization of Of£eri.nft Circular. The current draft of the Offering Circular, in substantially the form on file with the City Clerk on the date hereof, with such changes, alterations and corrections as map be approved by the City Manager of the Issuez, such approval to be conclusively presumed by his execution thereof, is hereby approved by the Issuer and the Issuer heraby authorizes and directs said City Manager to execute, and the Clerk of the Issuer to attest under the seal of the Issuer, tha Offering Circular, and the Issuer authorizes the Underwriter to use the Offering Circular in the public offering of the Series 1984 Bonds. The Offering Circular, insofar as it relates to the Issuer, does not contain any untrue statement of a material fact or omit to state a material fact raquired to be stated therein or nacessary to make the statements therein, in the light of the circumstancas under which theq were made, aot misleadi.ng, and the City Manager is authorized and directed to notify the Underwriter, if, during the Offering Period, any event occurs which is known to the Issuer and which, i.n -5- the judgment of the Issuer, makes any statement in the Offering Circular untrue in any material respect, or which requires the making of any change in the Offering Circular in order to make the statements therei.n, in the light of the circumstances under which they were made, not misleading. Section 3.6 Authorization of Execution and Deliverv of Remarketinst Agreement. The Remarketing Agreement, in substantially the form on file with the City Clerk on the date hereof, with such changes, alterations, and corrections as maq be approved by the City Manager of the Issuer, such approval to be conclusively presumed by his execution thereof, is hereby approvad by the Issuer and the Issuer hereby authorizes and directs said City Manager to execute, and the Clerk of the Issuer to attest under the seal of the Issuer, the Remarketing Agreement and to deliver to the Company and the Remarketi.ng Agent the Remarketing Agreement, all of the provisions of which, when executed and delivered by the Issuer as authorized herein and by the Company and the Remarketing Agent duly authorized, shall be deemed to be a part of this i.nsturment as fully and to the same extent as if incorporated verbatim herein. Section 3.7 General Authorizations. The members of the Issuer and its officers, attorneys, engi.neers or other agents and employees are hereby authorized to do all acts and things required of them by this instrument, the Bond Purchase Agreament, the Loan Agreement or the Indenture, or desirable and consistant with requirements hereof or such Bond Purchase Agreement, Loan Agreement or Indenture, for the full, punctual and complete performance of all the terms, covenants and agreements contained in the Series 1984 Bonds, the Bond Purchase Agreement, the Loan Agreement, the Remarketing Agreement, the Indenture and this instrument. ARTICLE IV Bonds Not Obligations Of Issuer Section 4.1 Bond not ObliRation of Issuer. THE SERIES 1984 BONDS SHALL NOT BE A GENERAL OBLIGATION OR INDEBTEDNESS OF Tf� ISSUER NOR GIVE RISE TO A PECUNIARY LIABILITY OF Tf� ISSUER OR CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS BUT SHALL BE PAYABLE SOLELY FROM Tf� REVENUES (AS DEFINED IN THE INDENTURE) AND OTf�R FUNDS THAT MAY BE AVAILABLE Tf�REFOR FROM Tf� COMPANY AND IN NO EVENT SHALL Tf� SERIES 1984 BONDS OR Tf� INTEREST TfIEREON OR ANY OTHER COSTS OR EXPENSES IN CONNECTION THEREWITH OR WITH TFIE PROJECT EVER BE PAYABLE FROM ANY FUNDS OF THE ISSUER OTi�R THAN Tf� PROJECT RECEIPTS AND FUNDS TO BE RECEIVED BY Tf� TRUSTEE FROM Tf� COMPANY UNDER Tf� NOTE, AND IAAN AGREEMENT, OR REALIZED UNDER THE MORTGAGES, SECURITY AGREEMENT, GUARANTY OR CREDIT FACILITY. SUCH RESTRICTIONS SHALL BE PLAINLY STATED ON Tf� FACE OF Tf� BONDS. Section 4.2 No Personal Liability. No covenant, stipulation, obligation or agraement herein contained or contained in the Bond Purchase Agreement, the Loaa Agreement or the Indenture shall be deemed to be covenaat, stipulation, obligation or agreement of any member, agent or employee of the Issuer or its governi.ng body in his individual capacity, and neither the members of the Issuer aor any official executing tha Series 1984 Bonds shall be liable personally thareon or be subject to any personal liability or accountability by reason of the issuance thereof. � ARTICLE V Award Of The Bonds Section 5.1 Election Under Section 103(b)(6)(D). The Issuer does hereby elect to have the provisions of Section 103(b)(6)(D) of the Intemal Revenue Code of 1954, as amended, applied to the Series 1984 Bonds aad said City Manager is hereby authorized and directed to evidence such election by executing and filing on behalf of the Issuer a statement in the form required by Section 1.103-10(b)(2)(vi) of the Regulations of the Internal Revenue Servica. Section 5.2 Award of Bonds. The Issuer hereby finds, determines and declaras that the size of the issue, the nature of the financing plan for the Series 1984 Bonds, and bond market conditions require that the bond issue be sold to the Underwriter on the terms and conditions contained in the Bond Purchase Agreement. The sale not exceeding $8,000,000 principal amount of Series 1984 Bonds to the Underwriter upon the terms and conditions contained in the Bond Purchase Agreement is hereby approved and authorized, the exact amount of Series 1984 Bonds so purchased and sold to be determined by the Issuer, the Company, and the Underwriter prior to the delivery of the Series 1984 Bonds. Such determination shall be conclusively established by Issuer's and Company's execution and delivery of the Indenture. The Series 1984 Bonds shall be datad, mature, bear interest and be redeemable as stated in the Indenture. The acceptance of the Underwriter's offer to buy the Series,1984 Bonds at the price and on the terms stated in the Bond Purchase Agreement is hereby authorized, and the Issuer hereby authorizes and directs said City Manager and the Clerk of the Issuer to take all other action necessary to consumate such sale. Section 5.3 Execution of Bonds and Authorization of All Other Necessarv Action. The City Managar of the Issuer is hereby authorized and directed to execute, and the Clerk of the Issuer to attest under the seal of the Issuer, the Series 1984 Bonds when prepared and to deliver the same to the Trustee for authentication and delivery to the Underwriter upon payment of the purchase price pursuant to the terms and conditions stated in the Bond Purchase Agree- ment and the Indenture. The City Manager, Clerk, City Attorney, Assistaat City Attornay, and DeWitt, Sundby, Huggett, Schumacher & Morgan, S.C. are designated agents of the Issuer in connection with the issuance and delivery of the Series 1984 Bonds, and are authorized and empowered collectively or individually to take all actions and steps to execute and deliver any and all instruments, documeats or contracts on behalf of the Issuer which are necessary or desirable in connection with the axecution aad delivery of the Series 1984 Bonds and which are not inconsistent with the terms and provisions of this resolution and other actions relating to the Series 1984 Bonds heretofor taken by the Issuer. ARTICLE VI Covenants Of The Issuer In additioa to other covenants of the Issuer in these Bond Proceedings, the Issuer further covenants and agrees as follows: -7- Section 6.1 Observance and Performance of Covenants, etc. The Issuer will at all timas faithfully observe and per£orm all agreements, covenants, uadertakings, stipulations and provisions contained in the Bond Purchase Agreement, the Remarketing Agreement, the Loan Agreement, the Indenture and the Series 1984 Bonds executed and delivered. The Issuer warrants and cove- nants that it is, and upon deliverq of the Series 1984 Bonds will ba, duly authorized by the Constitution and laws of the State of Wisconsin, including particularly and without limitation the Act, to issue the Series 1984 Bonds and to execute the Bond Purchase Agreement, the Remarketi.ng Agreement, the Loan Agreement and the Indeature, to provide the security for payment of the principal of and premium, if any, and interest on the Series 1984 Bonds in the manner and to the extent set forth in the Loan Agseement and the Indentuxe. Section 6.2 Prerequisites Performed. All acts, conditions and things relating to the passage of this instrument, to the issuance of the Series 1984 Bonds, and to the execution of the Bond Purchase Agreement, the Remarketing Agreement, the Loan Agreement and the Indentuze, required bp the Constitutioa or laws of the State of Wisconsin to happen, exist, and be performed precedent to and in the passage hereof, and precedent to the issuance of the Series 1984 Bonds, and precedent to the execution and delivery of the Bond Purchase Agreement, the Remarketing Agreement, the Loan Agreement and the Indenture, have happened, exist and haue been performed as so required. The Series 1984 Bonds in the hands of the holder thereof will be valid enforcable special obligations of the Issuer according to the terms thereof. Each provision of these Bond Proceedings, the Bond Purchase Agreement, the Remarketing Agree- ment, the Loan Agreement, the Indenture and the Series 1984 Bonds is binding upon such officer of the Issuer as may from ti.me ta time have the authority under law to take such actions as may be necessary to perform all or aay part of the duty required by such provision and each duty of the Issuer and its officers and employees underCaken pursuant to these Bond Proceedings is established as a duty of the Issuer and of each such officer and employea havi.ng autho=ity to perfarm such duty. Section 6.3 Pledged Revenues. Except as otherwise provided i.n these Bond Proceedings, the Bond Purchase Agreement, the Loan Agreement and the Indenture, the Issuer will not make any pledge or assignment of, or create any lien or encumbrance upon, tha Revenues, other than the pledge and assignment thereof under these Bond Proceedings, the Loan Agreement and the Indentura. Section 6.4 Project Books. All books and documents i.n the Issuer's pos- session rel&ting to the project or to the Revenues shall at all times be open to inspection by such accountants or other agents of the Bondholders, or the Trustee as either or any of them may from time to time designate. Section 6.5 RiRhts Under Agreement. The Trustee on behalf of the Hond- holders acting jointly and in their name and in the name of the Issuer may enforce all rights of the Issuer and all obligations of the Company pursuant to the Loan Agreement whethez or not the Issuer is in default of the pro- secution or the en£o=cement o£ such rights and obligations all pursuant to the Indenture. -8- Section 6.6 Maintenance Repair Taxes on and Insurance of the Project. The maintenance and repair costs of the Project, all taxes in connection therewith, and other charges, shall be assumed and paid by the Company under the Loan Agreement, and accordingly, the Issuer has no obligation with respect thereto and all such costs, expenses, taxes and fees and charges shall be paid by the Company as provided i.n the Loan Agreement. Section 6.7 Maintenance of the Loan Agreement and Indenture. The Issuer shall do all things and take all actions on its part necessary to comply with obligations, duties and responsibilities on its part under the Bond Purchase Agreemeat, the Remarketing Agreement, the Loan Agreement and Indenture and shall take all actions within its authority to maintain the Bond Purchase Agreemant, the Remarketing Agreement, the Loan Agreement and Indenture in effect i.n accordance with the terms thereof and to enforce and protact the rights of the Issuer and the bondholders thereunder, including actions of law or equity as may be appropriate. Section 6.8 Arbitrage Provisions. The Issuer shall not direct or acquiesce in the use of the proceeds of the Bonds in such a manner or to such an extent, after taking i.ato account reasonable expectations at the time the Series 1984 Honds are delivered to the Underwriter, which could cause the Series 1984 Bonds to be arbitsage bonds undez �103(c) o£ the Code. The City Managar of the Issuer is authorized and directed, alone or in conjunction with any other officer or employea, consultant or agent of the Issuer or any officer of the Company, to give an appropriate certificate on behalf of the Issuer for i.nclusion in the transcript on behalf of the Issuer setting forth the facts, estimates and circumstances and reasonable expectations pertaining to said §103(c) and regulations thereunder. ARTICLE VII Delivery of Transcript Section 7.1 Delivery of Transcript. 'fhe Clerk shall furnish the Underwriter and the Trustee, upon request, a true transcript of all the proceedings with reference to the issuance of the Series 1984 Bonds certified by said Glerk along with such additional infozmation from the records as is necessary to determi.ne the regularity and validity of the issuance of the Series 1984 Bonds. ARTICLE VIII Notice Of Bond Sale Section 8.1 Notice of Bond Sale. The City Clerk is hezeby authorized and directed to cause the notification pursuant to Wis. Stat. §66.521(10)(c), of the ➢epartment of Development of the State of Wisconsia of the closing date and the principal amount of the financing and to cause the publication of a notice of the bond sale pursuaat to Wis. Stat. §893.77(2) i.n the next edition, following the sale and dalivery of the Series 1984 Bonds to the Underwriter, of the Oshkosh Northwestern as a Class 1 notice under Chapter 985 of the Wisconsin Statutes. -9- . ARTICLE IX Severability Section 9.1 Severability of Invalid Provisions. If any one or more of tha covenants, agreements or provisions contained herein shall be held con- trary to any express provisions of law or contrary to the policy of express law, though not expressly prohibited or against public policy, or shall for any reason whatsoever be held invalid, then such covenants, agreements or provisions shall be null and void and shall be deemed separable from the remaining covenants, agreements or provisions, and shall in no way effect the validity of any of the other provisions hereof or of the Series 1984 Bonds issued hereunder. ARTICLE X RepealinQ Clause Section 10.1 Repealing Clausa. All resolutions or parts thereof of the Issuer in conflict with the provisions contained herein are, to the extent of such conflict, hereby superseded and repealed. ARTICLE XI Public Approval Section 11.1 Public Approval. The adoption of this Resolution by the Common Council (the elected legislative body of the Issuer) is intended to and shall constitute the public approval by the governmental unit which issued the Serias 1984 Bonds and the public approval of the governmental uait having jurisdiction over the area in which the Project is located after a public hearing following reasonable public notice for purposes of Section 103(k) of the Code. ARTICLE XTI Effective Data Section 12.1 Effective Date. This Resolution shall take effect and be in force immediately upoa its adoption. APPROVED: Kathleen M. Propp, Mayor I SUBMITTED BY ATTEST: Donna C. Seruras, City Clerk -10- pPPROVED � � � F'• ci � C� F� N �5 x �� N O � � � � N �i N �� 4 � � � m � � �� � H trl � t7 � a r� � o � b m y � �� N F'� � N W F'• F� N � F'• cD � O � H � d � � r� \ � o z �s o oq � � r� � b� �� o �o a n. � N• o � ct oa � � N N � F-� C� � � r;^�