Number
100974
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes.
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation promissory notes in the amount of $737,016,034.61.
Body
Whereas, General obligation bonds and notes have been authorized in the 2007, 2008, 2009, 2010 and 2011 municipal budgets; and
Whereas, The City has authorized up to $125,000,000 of General Obligation Commercial Paper Promissory Notes, 2008 Program Series C2, Series R3 and Series T4 (Taxable) to be outstanding from time to time (along with other commercial paper that may be, from time to time, authorized by the City to be issued, the “Commercial Paper Notes”); and
Whereas, The City desires to provide permanent long-term financing of the Commercial Paper Notes; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee in accordance with sec. 67.12(12), Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation promissory notes up to the aggregate amount of $737,016,034.61 for each of the public purposes and in the amounts shown on Exhibit A, which includes $125,000,000 for refunding Commercial Paper Notes; and, be it
Further Resolved, That debt issued for purposes and amounts set forth in Exhibit A apart from this resolution, other than as Commercial Paper Notes, shall not like wise be issued pursuant to this resolution. Debt issued as Commercial Paper Notes for purposes set forth in Exhibit A may be refunded under this resolution; and, be it
Further Resolved, That the general obligation promissory notes herein authorized shall be sold by the Commissioners of the Public Debt at public or private sale, and/or directly to the Public Debt Amortization Fund, and at such times as the Commissioners shall det...
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