HomeMy WebLinkAboutResolution 2009 (30) RESOLUTION DESIGNATING ST. CROIX COUNTY A RECOVERY ZONE FOR
PURPOSES OF THE AMERICAN RECOVERY AND REINVESTMENT ACT OF 2009
Resolution No. 3C) (2_66q)
St. Croix County, Wisconsin
WHEREAS, the American Recovery and Reinvestment Act of 2009 (the "Stimulus Act ")
authorizes the issuance of "recovery zone economic development bonds," which bonds are
eligible for a direct payment by the United States Treasury to the issuer of forty-five percent
(45 %) of the interest due on the bonds; and
WHEREAS, in order to issue recovery zone economic development bonds, an issuer
must first designate one or more "recovery zones," being areas which manifest significant
poverty, unemployment, rate of home foreclosures or general distress or meet other criteria
specified in the Stimulus Act; and
WHEREAS, St. Croix County, Wisconsin (the "County ") has experienced significant
poverty, a high rate of unemployment, a high rate of foreclosures and other general economic
distress (the "Recovery Zone Conditions "), and such Recovery Zone Conditions impair the
sound growth and the tax base of the County and threaten the well -being of the residents of the
County; and
WHEREAS, the existence of Recovery Zone Conditions in the County and the
qualification of the County as a recovery zone are evidenced by, among other things, the
following factors: (a) the unemployment rate in the County was 8.4% for June 2009, as
compared to 5.4% for June 2008; (b) the County experienced a 37% increase in foreclosure court
cases in the second quarter of 2009 compared to 2008; and (c) 2007 U.S. Census Bureau data
show that 5.3% of people in the County are in poverty; and
WHEREAS, in order to promote the well -being of the County and its residents, it is
necessary that the Recovery Zone Conditions be addressed by financing eligible costs for
"qualified economic development purposes," being expenditures for promoting development and
economic activity in the County through expenditures for public infrastructure and construction
of public facilities and other capital expenditures with respect to property in the County; and
WHEREAS, it is desirable and in the best interests of the residents of the County to
designate the County as a recovery zone for purposes of and as provided in the Stimulus Act.
NOW, THEREFORE, BE IT RESOLVED by the County Board of Supervisors of St.
Croix County, Wisconsin that:
Section 1. Existence of Recovery Zone Conditions in County. There exist conditions,
including significant poverty, unemployment, rate of foreclosures and general economic
distress which cause the County as a whole to be subject to designation as a recovery
zone under the Stimulus Act.
Section 2. Designation of Recovery Zone. All of the territory located within the
boundaries of the County is hereby designated as a recovery zone for all purposes of and
as provided in the Stimulus Act.
Section 3. General Authorization. The officers of the County are authorized and directed
to take all actions necessary or convenient in connection with the designation of the
County as a recovery zone and the issuance of recovery zone economic development
bonds by the County or by other eligible issuers within the County.
Offered by the Finance Committee
YES NO ABSTAIN ABSENT SUPERVISOR SIGNATU
® 11] E ❑ Daryl
Standafer -w- -e�
® El E LI Esther Wentz
Sharon
® El El ❑ Norton - Bauman a4Z i II ;L.f/ •
® El CI Fi Clarence
Malick # C '[�
�� El El 111 Peterson
Peterson
This Resolution was adopted by the St. Croix County Board
Reviewed as to form on 9 � ' (3s9 This
Supervisors on ,3 2& X09
Atvy-yry-iivvvyvvv- e Greg Ti f erman, Corporation Counsel Cindy Campbell, ?
lerk