City of Milwaukee - File #: 090330

• File #: 090330
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 7/7/2009
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 7/28/2009
• Title: Substitute resolution authorizing the sale and issuance of up to $89,215,825.57 Sewerage System Second Lien Revenue Bonds.
• Sponsors: THE CHAIR
• Indexes: MUNICIPAL BORROWING, SEWER IMPROVEMENTS, STATE GRANTS

Date	Ver.	Action By	Action	Result	Tally
8/6/2009	2	MAYOR	SIGNED
7/28/2009	2	CITY CLERK	DRAFT SUBMITTED
7/28/2009	2	COMMON COUNCIL	ADOPTED	Pass	15:0
7/28/2009	1	COMMON COUNCIL	SUBSTITUTED; Minutes note: Ald. Murphy offered proposed substitute B.	Pass	15:0
7/22/2009	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
7/22/2009	0	FINANCE & PERSONNEL COMMITTEE	SUBSTITUTED; Minutes note: Individual present: Richard Li, Public Debt Mr. Li offered a Proposed Substitute A.	Pass	5:0
7/16/2009	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/16/2009	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/7/2009	0	COMMON COUNCIL	ASSIGNED TO

Number
090330
Version
Substitute 2

Reference

Sponsor
The Chair
Title
Substitute resolution authorizing the sale and issuance of up to $89,215,825.57 Sewerage System Second Lien Revenue Bonds.

Analysis
This resolution authorizes and provides for the sale of Sewerage System Second Lien Revenue Bonds for financing the costs of improvements to the City's Sewerage System. The City will use the Sewerage System Second Lien Revenue Bonds to borrow for Sewer Maintenance Fund purposes from the State of Wisconsin Clean Water Fund program. The Clean Water Fund Program is one of the State’s subsidized loan programs included in the Environmental Improvement Fund. The Clean Water Fund Program provides loans to municipalities at subsidized rates for wastewater treatment and urban storm water projects.

The Clean Water Fund Program has received funds from the American Recovery and Reinvestment Act of 2009, and has indicated that it will use the funds to grant finance up to 50% of qualified projects that are approved. In connection with the City’s application for funding from the Clean Water Fund Program, the City will also apply for, and accept, such grants.

This resolution also authorize up to $17.5 million of the borrowing be from Contingent Borrowing Authorization. This will provide additional funding so that DPW can apply for the maximum amount of grant funding available prior to the October, 2009 deadline.

Body
Whereas, The City of Milwaukee, Wisconsin (the “City”) owns and operates a sewerage system (the “System”) which is operated for a public purpose as a public utility by the City; and

Whereas, Certain improvements to the System are necessary to meet the needs of the City and the residents thereof, consisting of the construction of one or more capital improvements of the System, each constituting a “Project” eligible for funding under the Clean Water Fund Program administered by the State of Wisconsin Department of Natural Resources (the “Department of N...