Number
251403
Version
Original
Reference
Sponsor
THE CHAIR
Title
Resolution Authorizing the Sale and Issuance of General Obligation Refunding Bonds and/or Notes.
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 Callable Principal Outstanding 1st Redemption Date
5/15/2013 2013 B3 9,620,000 5/15/2023
5/16/2014 2014 B3 17,200,000 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 B3 40,675,000 3/01/2026
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
5/17/2018 2018 B5 31,040,000 4/01/2027
5/17/2018 2018 T7 1,600,000 4/01/2027
5/16/2019 2019 B4 24,635,000 4/01/2027
; 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 $189,065,000 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 ...
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