Number
041710
Version
Substitute 1
Reference
041046, 041196, 041519
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance of general obligation refunding bonds for the purpose of providing long-term financing of short-term interim borrowing. (Comptroller)
Analysis
This resolution authorizes the long-term financing of debt issued on a short-term interim basis. The original debt is included in the original corporate purpose bond and note authorizations. Due to timing constraints, the debt has been, or will be, sold to the Public Debt Amortization Fund until the City's next long-term financing, anticipated to be this fall. This resolution does not increase the amount of debt authorized to be issued.
Body
Whereas, The Common Council of the City of Milwaukee (the "City"), through resolution file number 041046 (the "Note Resolution"), has authorized the issuance and approved the sale of general obligation notes in the amount of $269,353,524; and
Whereas, The Common Council, through resolution file number 041196 (the "Bond Resolution"), has authorized the issuance and approved the sale of general obligation bonds in the amount of $247,055,012; and
Whereas, Due to fiscal needs, it is desirable to issue a portion of the notes authorized by the Note Resolution prior to the next regular long-term financing by the City; and
Whereas, The Commissioners of the Public Debt, has considered, or will consider, the sale and issuance of up to $20,000,000 of notes designated 2005 P4 (the "2005 P4 Notes") pursuant to the Note Resolution for purchase by the Public Debt Amortization Fund as a short-term investment until the next regular long-term financing of the City; and
Whereas, The City desires to authorize the long-term financing of the 2005 P4 Notes at the next regular long-term financing by the City; and
Whereas, Resolution file number 041519 authorizes the sale and issuance of General Obligation Refunding Bonds; and
Wher...
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