Number
260964
Version
Original
Sponsor
THE CHAIR
Title
Authorizing the Sale and Issuance of Sewerage System Second Lien Revenue Bonds, Series 2026 S6
Analysis
Resolution authorizes the sale and issuance of Sewerage System Second Lien Revenue Bonds.
Body
Whereas, Common Council Resolution File No. 230947 (the “Resolution”) adopted on November 21, 2023 by the Common Council (the “Common Council”) of the City of Milwaukee, Wisconsin (the “City”) authorizes the issuance of Sewerage System Second Lien Revenue Bonds in the aggregate principal amount of up to $100,000,000, in one or more series, as subordinate obligations (the “Second Lien Bonds”) under the senior bond resolution File No. 991863 adopted by the Common Council on August 2, 2001, as amended; and
Whereas, up to $34,756,266 principal amount of Second Lien Bonds have previously been authorized and issued pursuant to the Resolution; and
Whereas, the Resolution authorized and directed that the Second Lien Bonds of each series shall be sold by private sale to the State of Wisconsin Clean Water Fund Program (the “CWFP”) for the aggregate purchase price of up to $100,000,000, on such date or dates and at such price or prices, as shall be determined by the City’s Commissioners of the Public Debt (the “Commissioners”); and
Whereas, the CWFP has presented to the City a Financial Assistance Agreement, to be dated December 9, 2026 (the “FAA”), evidencing a loan to the City of up to $15,948,804, with up to $2,100,000 principal forgiveness, to finance the City’s 2025 combined and sanitary sewer replacement and rehabilitation projects (the “Project”), which loan shall be secured by Sewerage System Second Lien Revenue Bonds in the principal amount of up to $13,848,804 (the “Bonds”) to be issued by the City as a new series of Second Lien Bonds pursuant to the Resolution; and
Whereas, Section 22 of the Resolution delegates to the Commissioners the power to determine, approve, and carry out the terms of t...
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