Number
251266
Version
Original
Sponsor
THE CHAIR
Title
Authorizing the Sale and Issuance of Sewerage System Second Lien Revenue Bonds, Series 2025 S6
Analysis
Resolution authorizes the sale and issuance of Sewerage System Second Lien Revenue Bonds.
Body
Whereas, Common Council Resolution File No. 230947 (the “Resolution”) adopted on November 21, 2023 by the Common Council (the “Common Council”) of the City of Milwaukee, Wisconsin (the “City”) authorizes the issuance of Sewerage System Second Lien Revenue Bonds in the aggregate principal amount of up to $100,000,000 in one or more series (the “Bonds”) pursuant to a senior bond resolution adopted by the Common Council on August 2, 2001, as amended; and
Whereas, $20,395,249 of bonds have been authorized to be issued pursuant to the Resolution; and
Whereas, the Resolution authorized and directed the Bonds to be sold by the Commissioners of the Public Debt (the “Commissioners”) at private sale to the State of Wisconsin Clean Water Fund Program (the “Program”), on such dates or dates, at such price or prices as the Commissioners determine to be prudent and appropriate within the limits set forth in the Resolution;
Whereas the Program has presented a Financial Assistance Agreement dated December 10, 2025 for the purchase of up to $14,361,017 (up to $16,461,017 with up to $2,100,000 principal forgiveness) of Sewerage System Second Lien Revenue Bonds;
Now, therefore, be it Resolved, By the Commissioners of the Public Debt as follows:
1. The Bonds are hereby authorized to be sold to the Program in the principal amount up to $14,361,017 (up to $16,461,017 with up to $2,100,000 principal forgiveness), pursuant to the Financial Assistance Agreement dated December 10, 2025 (the “FAA”). The Comptroller of the City (the “Comptroller”) is authorized to accept the FAA and negotiate with the Program any remaining terms and provisions of the Bonds to comply with the lending requirements of the Program. The Bonds shall be designated “Sewerage System Second Lien Revenue Bonds, Series 2025 S6”.
2. Each Bond shall be dated its date of delivery, shall be available in denominations of $0.01 or any multiple thereof, shall mature, or have annual sinking fund payments, on May 1 of such years and in such amounts as specified in the FAA, with a final maturity date of May 1, 2045. The Bonds shall bear interest payable on May 1, 2026 and semiannually thereafter on each May 1 and November 1 at the rate of 2.585% per annum.
3. The Bonds are not subject to redemption prior to their maturity except as provided in the FAA.
4. The Bonds shall be initially registered in the name of the Program, or such other name or nominee as designated by the Program.
and be it Further Resolved, That this resolution shall be entered upon the permanent record of the Commissioners of the Public Debt and formally communicated by the Secretary to the Clerk of the City.
Drafter
Comptroller
Joshua Benson