Number
161127
Version
Substitute 1
Reference
160690, 160691
Sponsor
The Chair
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes.
Sections
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation promissory notes in the amount of $826,600,890.12.
Body
Whereas, General obligation bonds and notes have been authorized in the 2013, 2014, 2015, 2016, and 2017 municipal budgets; and
Whereas, resolutions 160690 and 160691 authorizes up to $150,000,000 and $80,000,000, respectively, of Direct Loans outstanding from time to time (the “Direct Loan Notes”); and
Whereas, the City desires to provide permanent long-term financing of the Direct Loan Notes; and
Whereas, the file 161024 authorizes the refunding of certain General Obligation Corporate Bonds in the amount of $33,120,000 (the “Outstanding Bonds”), and desires to permit refunding of those bonds with notes authorized herein; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee in accordance with sec. 67.12(12), Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation promissory notes up to the aggregate amount of $826,600,890.12 for each of the public purposes and in the amounts shown on Exhibit A, which includes $75,500,000 for refunding Direct Loan Notes and $33,120,000 for the refunding of Outstanding Bonds; and, be it
Further Resolved, That debt issued for purposes and amounts set forth in Exhibit A apart from this resolution, other than as Direct Loan Notes, shall not like wise be issued pursuant to this resolution. Debt issued as Direct Loan Notes for purposes set forth in Exhibit A may be refunded under this resolution; and, be it
Further Resolved, That the general obligation promissory notes herein authorized shall be sold by the Commissioners of the Public Debt...
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