NUMB
981241
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
A substitute ordinance to repeal Ordinance No. 129, passed May 28, 1958 as amended, providing for the issuance of Water Works Mortgage Revenue Bonds of the City of Milwaukee.
SECS:
ANLS:
-Analysis-
The City of Milwaukee is authorized by the statutes to issue mortgage revenue bonds for the purpose of extending, adding to, and improving its Water Works System. These bonds are payable only from the income and revenue derived from the operation of the Water Works and are secured by a statutory mortgage lien upon the Water Works System. Common Council File No. 56-2793-h created a Basic Bond Ordinance to govern the issuance of mortgage revenue bonds. This Basic Bond Ordinance established the basic terms under which Water Works Mortgage Revenue Bonds, Series A through D, were issued. The last series, Series D, was issued in 1968. All of the bonds issued pursuant to the Basic Bond Ordinance have matured and been defeased prior to maturity.
Additionally, the Basic Bond Ordinance has been amended from time to time. Common Council File No. 75-1903 was an ordinance to amend a Water Bond Basic Bond Ordinance relative to a paying agent. Common Council File No. 85-1268 was an ordinance to amend Ordinance No. 129 in several respects.
The purpose of this ordinance is to repeal Basic Bond Ordinance No. 129, as amended, because with the passage of time it has become outmoded.
BODY:
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1: Basic Bond Ordinance No. 129, Common Council File No. 56-2793-h, as amended by Common Council File Nos. 75-1903 and 85-1268, is repealed.
Part 2. This ordinance shall take effect and be in force from and after its passage and publication.
LRB:
APPROVED AS TO FORM
____________________________
Legislative Reference Bureau
Date: ______________________
CATT:
IT IS OUR OPINION THAT THE ORDINANCE
IS LEGAL ...
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