NUMB:
991862
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution relating to the issuance and sale of Bond Anticipation Notes (BANs) in an amount not to exceed $14,560,000 to finance the cost of improvements to the City's Sewerage System, pending issuance of Sewerage System Revenue Bonds.
ANLS:
Section 66.076, Stats. authorizes a municipality to construct, acquire or lease, extend or improve any plant and equipment for the collection, transportation, storage, treatment and disposal of sewage or storm water and surface water including lateral, main and interceptor sewers. It permits payment for any such project or service from revenue bonds issued pursuant to ยง 66.066, Stats. Section 66.076 also authorizes the governing body to establish sewer service charges and to use such charges for the payment of principal and interest on revenue bonds issued for such purposes. The city has established a sewer service charge.
Section 66.066(2)(m), Stats. provides that if a governing body by resolution declares its intention to authorize the issuance of revenue bonds, the governing body may, prior to the issuance of such revenue bonds, authorize the issuance of BANS for a term of up to five years. It further provides that the governing body may pledge the revenues of the public utility to the payment of principal and interest on the BANs. Section 66.04(2) authorizes the city treasurer to purchase BANs as an investment.
In anticipation of the issuance of revenue bonds for the purpose of the sewerage system of the city of Milwaukee, this resolution authorizes the issuance and sale of BANs in an amount not to exceed $14,560,000 to fund improvements to the city's sewerage system. It is anticipated that the BANs will be purchased by the city treasurer as an investment.
BODY:
Whereas, The 2000 city budget authorizes the issuance and sale of revenue bonds for relief and relay sewer projects within the sewer maintenance fund; and
Where...
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