NUMB:
981240
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITLE:
Substitute resolution authorizing the issuance and sale of up to $19,358,172 water system revenue bonds, series 1998 and providing for other details and convenants with respect thereto.
BODY:
Whereas, The City of Milwaukee, Milwaukee County, Wisconsin (the "Municipality") owns and operates a water system (the "System") which is operated for a public purpose as a public utility by the Municipality; and
Whereas, Certain improvements to the System are necessary to meet the needs of the Municipality and the residents thereof, consisting of the construction of a project (the "Project") assigned Safe Drinking Water Loan Program No. 4851-02 by the State of Wisconsin Department of Natural Resources (the "Department of Natural Resources"), and as defined in Department of Natural Resources approval letter for the plans and specifications, or portions thereof, issued under Wis. Stat. Section 281.41; dated November 5, 1997, and assigned number 97-1222; and
Whereas, Under the provisions of Chapter 66 of the Wisconsin Statutes any municipality may, by action of its governing body, provide for purchasing, acquiring, constructing, extending, adding to, improving, operating and managing a public utility from the proceeds of bonds, which bonds are to be payable only from the revenues received from any source by such utility, including all rentals and fees; and
Whereas, The Municipality deems it to be necessary, desirable and in its best interest to authorize and sell water system revenue bonds of the Municipality payable solely from the revenues of the System, pursuant to the provisions of Section 66.066 of the Wisconsin Statutes, to pay the cost of the Project; and
Whereas, Other than "preliminary expenditures" as defined in the Treas. Reg. 26 CFR 1.150-2 in an amount not exceeding 20% of the principal amount of the bonds authorized to be issued by this resolution, or other than a "de minimis" amount as de...
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