Number
041196
Version
Original
Reference
031383
Sponsor
The Chair
Title
Resolution authorizing the Commissioners of the Public Debt to market general obligation "corporate purpose bonds" pursuant to the provisions of Ch. 67, Stats.
Sections
Analysis
This resolution authorizes the combination of various bond borrowing authorizations into a single Corporate Purpose Bond issue. This facilitates the marketing and sale of the debt. The purposes for the borrowings have been approved in the current and prior year budgets, and the individual borrowing authorizations have been approved by resolutions.
Body
Whereas, General obligation bonds have been authorized in the 2002, 2003, 2004, and 2005 municipal budgets; and
Whereas, Initial resolutions have been adopted authorizing the issuance of such general obligation bonds; and
Whereas, In 2004 a corporate purpose resolution was adopted, combining general obligation bonds authorized under various initial resolutions into one issue designated "corporate purpose bonds" and some of the authorized "corporate purpose bonds" were not sold; and
Whereas, It is the intention of the Common Council to rescind the authority of the corporate purpose resolution adopted in 2004, and its subsequent amendment as it relates to bonds which were authorized but not sold in 2004 and to combine general obligation bonds authorized under the various initial resolutions into one issue and to designate such bonds as "corporate purpose bonds"; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the authority of Common Council Resolution File No. 031383 adopted February 10, 2004, being a resolution combining general obligation bonds authorized under various initial resolutions into one issue designated as "corporate purpose bonds" as it relates to bonds authorized but not sold in 2004, be and hereby is rescinded; and, be it
Further Resolved, By the Common Council of the City of ...
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