City of Milwaukee - File #: 090814

• File #: 090814
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/3/2009
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 12/1/2009
• Title: Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation notes and bonds of the City for school purposes. (Comptroller)
• Sponsors: THE CHAIR
• Indexes: GENERAL OBLIGATION BONDS, MILWAUKEE PUBLIC SCHOOLS

Date	Ver.	Action By	Action	Result	Tally
12/10/2009	1	MAYOR	SIGNED
12/1/2009	1	COMMON COUNCIL	ADOPTED	Pass	13:0
11/24/2009	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individual present: Richard Li, Public Debt	Pass	4:0
11/19/2009	1	CITY CLERK	DRAFT SUBMITTED
11/19/2009	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
11/3/2009	0	COMMON COUNCIL	ASSIGNED TO

Number
090814
Version
Substitute

Reference
090555, 090777
Sponsor
The Chair

Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation notes and bonds of the City for school purposes. (Comptroller)
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation school bonds in the amount of $57,000,000 at a discount in order to receive $48,000,000 of net proceeds for various school construction projects.
Body
Whereas, Common Council file number 090555 adopted on October 13, 2009 (the “Resolution 090555”) authorizes the issuance of general obligation bonds for school purposes in the amount of $48,000,000, of which $0 has been issued; and

Whereas, Common Council file numbers 041194, 051146, 061004, 071206, and 081154 authorizes the issuance of general obligation bonds for school purposes in the amounts of $12,000,000, $15,240,442, $6,000,000, and $2,000,000, respectively, of which $7,759,558, $0, 1,133,330, $0, and $0, respectively, has been issued (collectively, along with file number 090555, the “Initial Resolutions”); and

Whereas, The 2009 Budget of the City authorizes $130,000,000 of Contingent Borrowing for purposes not anticipated in the budget of the City, of which $7,404,869 has been issued; and

Whereas The Common Council, pursuant to the Initial Resolutions, desires to issue up to $57,000,000 of general obligation bonds for school purposes (the “Bonds”) using up to $57,000,000 of 2009 Contingent Borrowing Authority; and issuing the Bonds at a discount in order to net approximately $48,000,000 of proceeds; and

Whereas, It is desirable to enter into a fiscal agency agreement in connection with the issuance and administration of the Bonds; and

Whereas, All or a portion of the Bonds may be designated by the City as “qualified school construction bonds” as defined in Section 54F of the Internal Revenue Code of 1986 (the “Code”); and...