Number
001380
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution relating to the issuance and sale of general obligation short-term promissory notes under sec. 67.12(12), Stats., for financing sewerage disposal – sewer improvement and construction in an amount not to exceed $14,535,000.
Analysis
This substitute resolution authorizes the issuance and sale of general obligation short-term promissory notes for financing sewerage disposal – sewer improvement and construction in an amount not to exceed $14,535,000.
Body
Whereas, The 2001 budget of the city of Milwaukee authorizes borrowing in the form of general obligation notes for sewer improvement and construction in the amount of $14,535,000; and
Whereas, The Common Council is desirous of issuing and selling promissory notes for financing sewerage disposal – sewer improvement and construction in an amount not to exceed $14,535,000; and
Whereas, Rule 15c2-12 promulgated by the United States Securities and Exchange Commission under the Securities and Exchange Act of 1934, as amended, does not permit an underwriter to purchase, after July 3, 1995, securities such as notes unless such underwriter has reasonably determined that the issuer of such securities has undertaken in a written agreement or contract for the benefit of holders of such securities to provide certain financial information or operating data on a continuing basis; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee that it hereby and herewith authorizes and declares its purpose to issue general obligation short-term promissory notes in an amount not to exceed $14,535,000 for financing sewerage disposal – sewer improvement and construction in an amount not to exceed $14,535,000; and, be it
Further Resolved, That said promissory notes be sold by the Commissioners of the Public Debt at a private sale; or public competitive sale; or to the Public Debt Amortizatio...
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