Number
251401
Version
SUBSTITUTE 2
Reference
180864, 210940
Sponsor
The Chair
Title
Substitute resolution authorizing the issuance of general obligation promissory notes in one or more series.
Sections
Analysis
This resolution authorizes the issuance by the City of Milwaukee (the “City”) of its general obligation promissory notes, in one or more series, in the aggregate principal amount of not to exceed $1,223,097,225.98 (collectively, the “Notes”).
Body
Whereas, general obligation bonds and notes have been authorized in the 2021, 2022, 2023, 2024, 2025 and 2026 municipal budgets; and
Whereas, resolutions 180864 and 210940 each authorize Direct Loans to be outstanding on any date in an aggregate principal amount of not to exceed $200,000,000(the “Direct Loan Notes”); and
Whereas, the City desires to provide permanent long-term financing of the Direct Loan Notes; and
Whereas, resolution 241320 authorizes the refunding of certain general obligation corporate purpose bonds in the amount of $189,065,000 (the “Outstanding Bonds”), and the City desires to permit refunding of the Outstanding Bonds with the Notes; and
Whereas, in accordance with section 67.12(12) of the Wisconsin Statutes, the City desires to issue the Notes, in one or more series, up to the aggregate principal amount of $1,223,097,225.98 for each of the public purposes and in the amounts shown on Exhibit A, which includes $189,065,000 for the refunding of Outstanding Bonds (collectively, the “Project”); and
Whereas, the purposes for which Direct Loan Notes authorized by Resolution File Numbers 180864 and 210940 may be issued include the purposes as described in Exhibit A attached to this resolution, as may be amended and supplemented from time to time; and
Whereas, the Commissioners of the City’s Public Debt Commission (the “PDC”) are authorized and directed by the City to effectuate the issuance, and determine and approve the final terms of, debt obligations of the City, inclu...
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