Number
091024
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation corporate purpose bonds.
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation "corporate purpose bonds" in the amount of $655,730,443.57.
Body
Whereas, General obligation bonds have been authorized in the 2006, 2007, 2008, 2009, and 2010 municipal budgets; and
Whereas, Initial resolutions have been adopted authorizing the issuance of such general obligation bonds; and
Whereas, The City has authorized up to $125,000,000 of General Obligation Commercial Paper Promissory Notes, 2008 Program Series C2, Series R3 and Series T4 (Taxable) to be outstanding from time to time (along with other commercial paper that may be, from time to time, authorized by the City to be issued, the “Commercial Paper Notes”); and
Whereas, The City has issued $10,000,000 of General Obligation Promissory Notes for Tax Incremental District Purposes in the City’s Series 2009 N1 Notes maturing on February 15, 2010; and
Whereas, The City desires to provide permanent long-term financing of the Commercial Paper Notes and the $10,000,000 Tax Incremental District portion of the 2009 N1 Notes maturing on February 15, 2010; and
Whereas, The Common Council desires to combine general obligation bonds authorized under the various initial resolutions into one issue and to designate such bonds as "corporate purpose bonds"; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that in accordance with section 67.05(13) and 67.05(15), Stats., the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation corporate purpose bonds in the aggregate amount of $655,730,443.57 for each of the public purposes provided by the underlying initial resolutions and in the amounts shown in Exhibi...
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