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Legislation Details
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File #:
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260676
Version:
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Type:
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Resolution
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Status:
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Passed
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On agenda:
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9/15/2026
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Final action:
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9/15/2026
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Title:
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Authorizing the Issuance of General Obligation Promissory Notes, Series 2026 N5
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Number
260676
Version
SUBSTITUTE 1
Sponsor
THE CHAIR
Title
Authorizing the Issuance of General Obligation Promissory Notes, Series 2026 N5
Analysis
Resolution authorizes the issuance of General Obligation Promissory Notes.
Body
Whereas, Common Council Resolution File No. 251401 adopted by the Common Council (the “Common Council”) of the City of Milwaukee, Wisconsin (the “City”) on January 20, 2026 authorized the sale and issuance of general obligation promissory notes of the City, in one or more series, in the aggregate principal amount not to exceed $1,223,097,225.98 (the “Authorizing Resolution”); and
Whereas, the Authorizing Resolution authorized the City’s Commissioners of the Public Debt (the “Commissioners”) to sell and issue the general obligations authorized thereunder on such dates and in such principal amounts as the Commissioners determine to be prudent and appropriate; and
Whereas, the City’s $85,000,000 General Obligation Promissory Notes, Series 2026 N1, dated March 24, 2026, have previously been issued under the authority granted by the Authorizing Resolution; and
Whereas, under the terms set forth in an official notice of sale given to potential bidders of municipal obligations (the “Official Notice of Sale”), and the information of the City given in the preliminary offering document dated September 8, 2026 (the “Preliminary Official Statement”), prepared and distributed with the Official Notice of Sale, the Commissioners desire to sell the General Obligation Promissory Notes, Series 2026 N5, of the City in the principal amount of $46,475,000 (the “Obligations”); and the Comptroller of the City (the “Comptroller”) has received on the date of this resolution one or more bids for the purchase of the Obligations.
Now, therefore, be it resolved by the Commissioners as follows:
1. The Obligations are being issued to finance the various public improvements of the City set forth below:
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Project Purposes: |
Principal Amounts |
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Streets |
$16,573,838 |
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Tax Incremental Districts |
10,478,159 |
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Public Buildings |
5,302,003 |
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Harbor |
4,029,000 |
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Bridges |
3,100,000 |
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Library |
2,180,000 |
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Police |
2,025,000 |
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Fire |
1,225,000 |
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Blight Elimination |
926,000 |
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Parking |
636,000 |
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Total |
$46,475,000 |
2. The bid of Raymond James & Associates, Inc. (the “Purchaser”) for the purchase of the Obligations at the purchase price of $48,066,298.59 is hereby accepted. The Obligations are hereby awarded to the Purchaser pursuant to the terms of the Official Notice of Sale.
3. The Obligations shall be named “City of Milwaukee, Wisconsin General Obligation Promissory Notes, Series 2026 N5,” shall be issued in the principal amount of $46,475,000, and shall be dated their date of issuance. Interest shall be due and payable on each June 1 and December 1, beginning on June 1, 2027. The Obligations shall be issued in denominations of $5,000 or multiples thereof and shall mature on December 1 in the years, in the principal amounts, and at the interest rates per annum set forth below:
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Year |
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Principal Amount |
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Interest Rate |
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2027 |
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$4,420,000 |
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5.00% |
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2028 |
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3,915,000 |
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5.00 |
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2029 |
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3,965,000 |
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5.00 |
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2030 |
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3,990,000 |
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5.00 |
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2031 |
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4,040,000 |
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5.00 |
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2032 |
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3,310,000 |
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5.00 |
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2033 |
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3,330,000 |
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5.00 |
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2034 |
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2,895,000 |
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5.00 |
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2035 |
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2,915,000 |
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5.00 |
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2036 |
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2,940,000 |
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5.00 |
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2037 |
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2,145,000 |
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5.00 |
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2038 |
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2,170,000 |
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5.00 |
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2039 |
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2,200,000 |
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5.00 |
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2040 |
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2,230,000 |
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5.00 |
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2041 |
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2,010,000 |
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5.00 |
4. The Obligations maturing on and after December 1, 2035 shall be subject to redemption prior to their stated maturity dates at the option of the City, in such principal amounts and from such maturities as the City shall determine and by lot within a single maturity, on December 1, 2034 and on any date thereafter, at a price of par plus accrued interest to the redemption date.
5. A direct annual tax in an amount sufficient to pay, and for the express purpose of paying, the principal of, and interest on, the Obligations when due, has been levied by the Common Council under the Authorizing Resolution upon all taxable property in the City. The amounts and years for such levies are hereby established for the Obligations as follows:
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Levy Year |
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Year Due |
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Amount Due |
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2026 |
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2027 |
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$7,098,767.36 |
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2027 |
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2028 |
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6,017,750.00 |
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2028 |
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2029 |
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5,872,000.00 |
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2029 |
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2030 |
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5,698,750.00 |
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2030 |
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2031 |
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5,549,250.00 |
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2031 |
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2032 |
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4,617,250.00 |
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2032 |
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2033 |
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4,471,750.00 |
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2033 |
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2034 |
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3,870,250.00 |
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2034 |
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2035 |
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3,745,500.00 |
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2035 |
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2036 |
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3,624,750.00 |
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2036 |
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2037 |
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2,682,750.00 |
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2037 |
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2038 |
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2,600,500.00 |
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2038 |
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2039 |
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2,522,000.00 |
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2039 |
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2040 |
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2,442,000.00 |
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2040 |
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2041 |
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2,110,500.00 |
In each of the levy years from 2026 to 2040 above, the direct annual irrepealable tax which has been levied shall be extended upon the tax roll of the City and shall be collected by the officers of the City in the same manner and at the same time as taxes for general City purposes for such years are extended and collected, and when so collected, the proceeds of said taxes shall be used solely for paying the principal of, and interest on, the Obligations as long as any Obligation remains outstanding.
6. The Obligations shall be general obligations of the City, shall be issued in substantially the form attached to the Authorizing Resolution, shall be signed by the Mayor and the City Clerk, countersigned by the Comptroller, and attested by the Commissioners.
7. The Comptroller is hereby authorized to execute a Supplemental Certificate to the Master Continuing Disclosure Certificate for the Obligations.
Be it further resolved, that this resolution shall be entered upon the permanent record of the Commissioners and formally communicated by the Secretary of the Public Debt Commission to the Clerk of the City.
Drafter
Comptroller
Jesse Hagen
PD-8758aw.rtf
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