Number
021478
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation "corporate purpose bonds" pursuant to the provisions of Ch. 67, Stats.
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 $185,224,929.
Body
Whereas, General obligation bonds have been authorized in the 2000, 2001, 2002, and 2003 municipal budgets; and
Whereas, Initial resolutions have been adopted authorizing the issuance of such general obligation bonds; and
Whereas, In 2002 a corporate purpose resolution was adopted, and subsequently amended, combining general obligation bonds authorized under various initial resolutions into one issue designated "corporate purpose bonds" and some of the authorized "corporate purpose bonds" were not sold; and
Whereas, It is the intention of the Common Council to rescind the authority of the corporate purpose resolution adopted in 2002, and its subsequent amendment as it relates to bonds which were authorized but not sold in 2002 and 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 the authority of Common Council Resolution File No. 011358 adopted February 12, 2002, being a resolution combining general obligation bonds authorized under various initial resolutions into one issue designated as "corporate purpose bonds" as it relates to bonds authorized but not sold in 2002, be and hereby is rescinded; and, be it
Further Resolved, By the Common Council of the City of Milwaukee in accordance with sec. 67.05(13), Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell general obli...
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