City of Milwaukee - File #: 230947

• File #: 230947
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 10/31/2023
• In control: COMMON COUNCIL
• Final action: 11/21/2023
• Title: Substitute resolution authorizing the sale and issuance of up to $100,000,000 Sewerage System Second Lien Revenue Bonds in one or more series
• Sponsors: THE CHAIR
• Indexes: REVENUE BONDS, SEWER IMPROVEMENTS

Date	Ver.	Action By	Action	Result	Tally
11/22/2023	1	MAYOR	SIGNED
11/21/2023	1	COMMON COUNCIL	ADOPTED	Pass	15:0
11/14/2023	1	FINANCE & PERSONNEL COMMITTEE	Minutes note: Appearing: Joshua Benson, Comptroller's Office
10/31/2023	0	COMMON COUNCIL	ASSIGNED TO

Number
230947
Version
Substitute 1
Reference
991863, 060091, 090330, 120975, 171368
Sponsor
The Chair
Title
Substitute resolution authorizing the sale and issuance of up to $100,000,000 Sewerage System Second Lien Revenue Bonds in one or more series
Analysis

Body
Whereas, the City of Milwaukee, Wisconsin (the “City”) owns and operates a sewerage 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 Clean Water Fund Program (the “CWFP”) administered by the State of Wisconsin Department of Natural Resources (the “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, pursuant to Resolution File Number 991863 adopted by the Common Council on
August 2, 2001, as amended by Resolution File Number 021776 adopted by the Common Council on April 15, 2003, by Resolution File Number 100863 adopted by the Common Council on November 23, 2010, and by Resolution File Number 230413 adopted by the Common Council on July 31, 2023 (collectively, the “Master Resolution”), the City is authorized to issue Sewerage System Revenue Bonds (the “First Lien Bonds”); and
Whereas, the City has issued multiple series of First Lien Bonds under the Master Resolution on a parity and equality of rank with each other; three of such series of First Lien Bonds are currently outstanding (the ...