Number
041519
Version
Substitute 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution Authorizing the Sale and Issuance of General Obligation Refunding Bonds in the amount not to exceed $90,000,000.
Analysis
Resolution authorizes and requests the Commissioners of the Public Debt to issue and sell at a private or public sale General Obligation Refunding Bonds to refund portions of certain issues. The Commissioners will refund the debt whenever it makes economic sense to do so.
Body
Whereas, The Common Council of the City of Milwaukee (the "City") has authorized the issuance and approved the sale of General Obligation debt, and as of January 1, 2005 there was $672,642,302.55 of general obligation debt outstanding; and
Whereas, The Common Council is interested in refunding all or certain portion of the Outstanding Bonds; and
Whereas, In connection with the preparation of the Official Statement for the refunding bonds, financial and economic information has been compiled by the Office of the Comptroller from its annual financial report, property tax records maintained by the Office of the Assessor and from other books and records of the City; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that it hereby and herewith authorizes the Commission to issue and sell at a private or public sale General Obligation Refunding Bonds (the "Bonds") under the provisions of § 67.04(3) and § 67.08(2), Stats., for the purpose of refunding all or parts of the Outstanding Bonds, subject, however, to the terms and conditions hereinafter enumerated; and, be it
Further Resolved, That the Bonds shall:
(1) be in one or more series of bonds in an aggregate amount not to exceed $90,000,000;
(2) bear interest at a maximum coupon rate not to exceed 9.00% per annum;
(3) have a maximum True Interest Cost Rate (TIC) not to exceed 7.25%;
(4) be sold at a price of not less than 99% of the principal amount thereof plus ac...
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