Number
231256
Version
SUBSTITUTE 1
Reference
180864, 210940, 221095
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes.
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 $1,077,486,096.99.
Body
Whereas, general obligation bonds and notes have been authorized in the 2019, 2020, 2021, 2022, 2023 and 2024 municipal budgets; and
Whereas, resolutions 180864, 210940, and 221095 authorize up to $200,000,000, and $200,000,000, 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, file 231252 authorizes the refunding of certain General Obligation Corporate Bonds in the amount of $69,375,000 (the “Outstanding Bonds”), and the City desires to permit refunding of those Outstanding Bonds with General Obligation Promissory Notes authorized herein;
Now, Therefore, be it:
Resolved, by the Common Council of the City of Milwaukee in accordance with section 67.12(12), Wis. Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell, at public or private sale, general obligation promissory notes up to the aggregate amount of $1,077,486,096.99 (“Notes”) for each of the public purposes and in the amounts shown on Exhibit A, which includes $5,000,000 for refunding Direct Loan Notes and $69,375,000 for the refunding of Outstanding Bonds; and, be it
Further Resolved, that purposes for which Direct Loan Notes authorized by Resolution File Numbers 180864, 210940, and 221095 may be issued shall include the purposes as described in Exhibit A attached to this file, as may be amended and supplemented from time to time; and, be it
Further Resolved, the Notes shall be issued pursuant to the attache...
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