Number
251267
Version
Original
Sponsor
THE CHAIR
Title
Authorization to use Direct Loans for Various Purposes.
Analysis
Resolution authorizes the use of direct loans for various purposes.
Body
Whereas, Common Council Resolution File No. 180864 adopted by the Common Council (the “Common Council”) of the City of Milwaukee, Wisconsin (the “City”) on December 18, 2018 (as supplemented by Common Council Resolution File No. 221095, the “2018 Direct Loan Resolution”) authorizes the issuance of General Obligation Promissory Notes of the City from time to time in the aggregate principal amount outstanding on any date of not to exceed $200,000,000, and pursuant to the 2018 Direct Loan Resolution, the City and U.S. Bank National Association (“U.S. Bank”) entered into a Revolving Loan Agreement dated as of December 20, 2018, which was amended and restated in its entirety by an Amended and Restated Revolving Loan Agreement dated as of December 22, 2022 (the “U.S. Bank Revolving Loan Agreement”); and
Whereas, Common Council Resolution File No. 210940 adopted by the Common Council of the City on November 2, 2021 (the “2021 Direct Loan Resolution” and together with the 2018 Direct Loan Resolution, the “Note Resolutions”) authorizes the issuance of General Obligation Promissory Notes of the City from time to time in the aggregate principal amount outstanding on any date of not to exceed $200,000,000, and pursuant to the 2021 Direct Loan Resolution, the City and The Huntington National Bank entered into a Revolving Loan Agreement dated as of November 15, 2021 (the “Huntington Revolving Loan Agreement” and together with the U.S. Bank Revolving Loan Agreement, the “Revolving Loan Agreements”); and
Whereas, the Note Resolutions authorize draws under the Revolving Loan Agreements for purposes for which notes may be issued pursuant to the Note Resolutions, including the refunding of other direct loans; and
Whereas, the Note Resolutions provide that the obligations au...
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