Number
171512
Version
Version 1
Reference
161127, 161128
Sponsor
The Chair
Title
Substitute resolution authorizing the sale and issuance of general obligation bonds in the aggregate amount of $2,000,000 for water systems.
Analysis
This resolution authorizes up to $2,000,000 of 2017 Contingent Borrowing for the city’s portion of costs associated with the lead service line replacement program.
Body
Whereas, File 160742 provides for a city subsidy for the cost of replacing the privately-owned portion of lead service lines on properties meeting certain eligibility criteria, and the city desires to provide an additional $2,000,000 of subsidies to meet the needs for properties in the city; and
Whereas, The 2017 budget of the city authorized $200,000,000 of contingent borrowing, of which $80,800,000 has been allocated for other purposes; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby authorizes and declares its purpose to sell and issue general obligation bonds in the aggregate amount of $2,000,000 for water systems; and, be it
Further Resolved, That $2,000,000 of 2017 contingent borrowing is allocated for the additional water system debt; and, be it
Further Resolved, That the debt may be issued as Bonds and/or Notes pursuant to resolution numbers 161128 and 161127 (including direct loan notes), and that such debt shall be a purpose of Contingent Borrowing - Unallocated in Exhibit A of the resolutions, including refunding of direct loan notes if the debt is temporarily issued as direct loan notes.
Requestor
DOA-Budget and Management Division
Drafter
Richard Li
January 21, 2018
Finance\Resolutions\LSL Contingent Borrowing 2017