Number
260270
Version
SUBSTITUTE 1
Sponsor
THE CHAIR
Title
Authorization for the Sale and Issuance of Sewerage System Revenue Refunding Bonds, Series 2026 S2
Analysis
Resolution authorizes the sale and issuance of Sewerage System Revenue Refunding Bonds.
Body
Whereas, Resolution File No. 252226 (the “Series Resolution”) adopted by the Common Council (the “Common Council”) of the City of Milwaukee, Wisconsin (the “City”) on May 12, 2026 authorized the issuance of Sewerage System Revenue Refunding Bonds in the aggregate amount of not to exceed $65,000,000 (the “Bonds”) under the City’s Bond Resolution File No. 991863 adopted by the Common Council on August 2, 2001 (as amended by Resolution File Nos 021776, 100863, 230413, and 252228, collectively, the “Master Resolution”), pursuant to which one or more series of bonds payable from revenues of the City’s sewerage system are authorized to be issued; and
Whereas, the Bonds will be issued to finance the current refunding of all or a portion of the City’s outstanding (i) Sewerage System Revenue Bonds, Series 2013 S5, dated June 26, 2013 (the “2013 Bonds”), and (ii) Sewerage System Revenue Bonds, Series 2016 S7, dated August 25, 2016 (the “2016 Bonds” and together with the 2013 Bonds, the “Prior Bonds”), collectively referred to herein as the “Refunding”; and
Whereas, pursuant to Resolution No. 251858 adopted on March 3, 2026, the Commissioners of the City’s Public Debt Commission (the “Commissioners”) determined to sell the Bonds in a private sale to BofA Securities, Inc., as representative for an underwriting group (the “Underwriter”); and
Whereas, the Series Resolution authorized and directed that the Bonds shall be sold by the City at private sale and on such date and in such amounts as the Commissioners determine to be prudent and appropriate; and
Whereas, the Series Resolution, among other things, (i) set forth certain parameters for the Bonds, (ii) directed that the City shall cause the prepar...
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