Number
241320
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the sale and issuance of General Obligation Promissory Notes for refunding purposes.
Analysis
Resolution authorizes the issuance by the City of Milwaukee (the “City”) of its general obligation refunding bonds or notes, in one or more series, to refund all or portions of certain outstanding obligations when economic conditions are favorable to do so (collectively, the “Bonds”).
Body
Whereas, The City of Milwaukee (the “City”) has issued the following general obligation bonds that are currently or soon will be subject to optional redemption (the “Outstanding Bonds”):
Dated Date Series Outstanding 1st Redemption Date
5/15/2013 2013 B3 12,475,000 5/15/2023
5/16/2014 2014 B3 21,500,000 4/01/2024
5/28/2015 2015 B3 27,565,000 3/15/2025
5/28/2015 2015 T4 4,990,000 3/15/2025
5/20/2016 2016 T4 5,850,000 3/01/2026
6/24/2016 2016 B6 6,750,000 4/01/2026
5/17/2017 2017 B5 14,545,000 4/01/2026
5/17/2017 2017 T7 4,595,000 4/01/2026
; and
Whereas, in accordance with Chapter 67 of the Wisconsin Statutes, the City desires to issue the Bonds, in one or more series, in the aggregate principal amount of not to exceed $98,270,000 to effect the current refunding of all or a portion of the Outstanding Bonds (the “Refunding); and
Whereas, other general obligation debt of the City is sold from time to time, and it may be advantageous to combine the issuance of general obligation debt into one borrowing; and
Whereas, the Commissioners of the City’s Public Debt Commission (the “PDC”) are authorized and directed by the City to effectuate the issuance of, and determine and approve the final terms of, debt obligations of the City, including the Bonds; and
Now, Therefore, be it Resolved by the Common Council (the “Governing Body”) of the City that:
Section 1. Definitions.
In addition to the terms defined above, capitalized terms not otherwise defined herein s...
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