Number
241326
Version
SUBSTITUTE 1
Reference
120976, 131057
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the sale and issuance of up to $100,000,000 Water System Second Lien Revenue Bonds.
Analysis
This resolution authorizes and provides for the sale of water revenue bonds for financing the costs of improvements to the City’s Water System. The City will use the Water System Second Lien Revenue Bonds to borrow for water purposes from the State of Wisconsin Safe Drinking Water Loan Program. The Safe Drinking Water Loan Program is one of the State’s subsidized loan programs included in the Environmental Improvement Fund. The Safe Drinking Water Loan program provides subsidized loans to municipalities for drinking water projects.
Body
Whereas, the City of Milwaukee, Wisconsin (the “City”) owns and operates a water system (the “System”) which is operated for a public purpose as a public utility by the City; and
Whereas, certain improvements to the System are necessary to meet the needs of the City and the residents thereof, consisting of the construction of one or more capital improvements of the System, each constituting a “Project” eligible for funding under the Safe Drinking Water Loan Program (the “SDWLP”) administered by the State of Wisconsin Department of Natural Resources; and
Whereas, under the provisions of Section 66.0621 of the Wisconsin Statutes (the “Act”) the City 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, on December 17, 2013, the Common Council of the City adopted Resolution File Number 120976 (the “2013 Resolution”) authorizing the issuance of Water System Revenue Bonds, in an aggregate principal amount not to exceed $12,000,000; and
Whereas, purs...
Click here for full text