Number
210940
Version
SUBSTITUTE 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing general obligation direct loan program and related agreements.
Analysis
This resolution creates a Master Direct Loan Program for the liquidity needs of the City. This master program is in addition to a similar program with US Bank. Having two approved banks allows the city to borrow at the more competitive rates.
Body
Whereas, The City has existing programs to meet the liquidity needs of the City; and
Whereas, in order to provide for additional sources of liquidity for the City, it is desirable to enter into an additional Revolving Loan Agreement to provide a revolving direct loan source of liquidity for the City through the issuance of general obligation promissory notes; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee in accordance with Chapter 67 of Wisconsin Statutes, that the Comptroller is authorized and requested to issue and sell General Obligation Promissory Notes (the “Direct Loan Notes”) pursuant to a Revolving Loan Agreement with The Huntington National Bank, or its affiliate (the “Agreement”) from time to time at private sale; and, be it
Further Resolved, That the Direct Loan Notes may be issued to refinance certain existing liquidity programs including other direct loan notes, to fund certain cash flow deficits in anticipation of the receipt of taxes or other revenues, to finance certain capital expenditures in advance of a bond or note issuance, to provide interim financing for the refunding of general obligation debt, and, as may be determined by the Common Council from time to time, for other liquidity purposes; and, be it
Further Resolved, That the Agreement for the Direct Loan Notes, a form of which is attached to this resolution, including any supplements thereto to issue Direct Loan Notes of a given series, is approved and the appropriate officers are authorized and directed by the City of Milw...
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