Number
241167
Version
Original
Sponsor
THE CHAIR
Title
Authorizing the Sale and Issuance of Sewerage System Second Lien Revenue Bonds, Series 2024 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 (the “Bonds”) pursuant to a senior bond resolution adopted by the Common Council on August 2, 2001, as amended; and
Whereas, $16,468,201 of bonds have been authorized to be issued pursuant to the Resolution; and
Whereas, the Resolution authorized and directed the Bonds to be sold by the Commissioners of the Public Debt (the “Commissioners”) at private sale to the State of Wisconsin Clean Water Fund Program (the “Program”), on such dates or dates, at such price or prices as the Commissioners determine to be prudent and appropriate within the limits set forth in the Resolution;
Whereas the Program has presented a Financial Assistance Agreement dated December 11, 2024 for the purchase of up to $3,927,048 ($6,027,048 with up to $2,100,000 principal forgiveness) of Sewerage System Second Lien Revenue Bonds;
Now, therefore, be it Resolved, By the Commissioners of the Public Debt as follows:
1. The Bonds are hereby authorized to be sold to the Program in the principal amount up to $3,927,048 ($6,027,048 with up to $2,100,000 principal forgiveness), pursuant to the Financial Assistance Agreement dated December 11, 2024 (the “FAA”). The Comptroller of the City (the “Comptroller”) is authorized to accept the FAA and negotiate with the Program any remaining terms and provisions of the Bonds to comply with the lending requirements of the Program. The Bonds shall be de...
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