Number
061314
Version
Substitute 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the sale and issuance of general obligation refunding bonds.
Analysis
This resolution authorizes and requests the Commissioners of the Public Debt to issue and sell at a private or public sale General Obligation Refunding Bonds to refund portions of certain issues. The Commissioners will refund the debt whenever it makes economic sense to do so.
Body
Whereas, The City of Milwaukee (the “City”) has general obligation debt outstanding in the amount of $797,462,084.65 as of January 1, 2007; and
Whereas, The Common Council is interested in refunding a portion of the outstanding bonds; and
Whereas, Other general obligation debt of the City is sold from time to time, and it is advantageous to combine the issuance of various general obligation debt into one offering; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby and herewith authorizes the Commission to issue and sell at a private or public sale general obligation refunding bonds and/or promissory notes (the “Bonds”) under the provisions of § 67.04(3), § 67.05(15), § 67.08(2), and § 67.12(12), Stats., for the purpose of refunding all or parts of the outstanding bonds, subject, however, to the terms and conditions hereinafter enumerated; and, be it
Further resolved, that the bonds shall:
(1) be in one or more series of bonds in an aggregate amount not to exceed $2,000,000;
(2) bear interest at a maximum coupon rate not to exceed 7.00% per annum;
(3) have a maximum True Interest Cost Rate (TIC) not to exceed 6.00%;
(4) be sold at a price of not less than 99% of the principal amount thereof plus accrued interest thereon from their date to the date of delivery and payment therefor; and
(5) be issued on or before December 31, 2007; and, be it
Further resolved, That the outstanding bonds to be considered for refunding, and if refunded, would be called for r...
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