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Board approves municipal revenue obligation assignment as temporary collateral for security deposit on commercial project
Summary
Trustees approved assigning income from a Municipal Revenue Obligation (MRO) tied to Henseak Holdings LLC (New Tech Painting) as collateral to cover a security deposit shortfall, with the owner expected to pay the deposit by summer; staff and counsel said the MRO is issued to the business entity and cannot be assigned without village consent.
Cottage Grove, Wis. — The Village Board discussed and approved May 19 an assignment of a municipal revenue obligation (MRO) tied to Henseak Holdings LLC (doing business as New Tech Painting) as temporary collateral to address a security deposit shortfall related to the company's municipal revenue obligation payment schedule.
Village staff said the developer/property owner owes a security deposit that had not yet been delivered and proposed assigning a…
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