Number
020569
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing refunding of all or any part of General Obligation Taxable Bonds, Series BZ(3); H; M; and U. (Comptroller's Office)
Analysis
Resolution authorizes and requests the Commissioners of the Public Debt to issue and sell at a public or private 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 Common Council has authorized the issuance and approved the sale of General Obligation Corporate Purpose Bonds, Series BZ(3) (Taxable), dated November 15, 1991, in the amount of $5,320,000; and
Whereas, The Common Council has authorized the issuance and approved the sale of General Obligation Corporate Bonds, Series H (Taxable), dated June 15, 1997, in the amount of $4,525,000; and
Whereas, The Common Council has authorized the issuance and approved the sale of General Obligation Corporate Purpose Bonds, Series M (Taxable), dated December 15, 1998, in the amount of $8,605,000; and
Whereas, The Common Council has authorized the issuance and approved the sale of General Obligation Corporate Purpose Bonds, Series U (Taxable), dated September 1, 2001,in the amount of $3,700,000; and
Whereas, As of December 31, 2001, the following unpaid amounts for principal and interest are outstanding for the above issues (the "Outstanding Bonds"):
BZ(3) Principal = $1,770,000 Interest = $376,300
H Principal = 3,305,000 Interest = 1,288,826
M Principal = 8,220,000 Interest = 4,050,922
U Principal = 3,700,000 Interest = 2,552,484
; and
Whereas, The Common Council of the City of Milwaukee is interested in refunding all or certain of the Outstanding Bonds; 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 se...
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