Number
031674
Version
Substitute 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the refunding of all or any part of General Obligation Corporate Purpose Bonds, Series Y, 2003 B6, and General Obligation Refunding Bonds, Series of 2002-A. (Comptroller)
Analysis
Resolution authorizes the issuance and private sale of General Obligation Refunding Bonds to refund a portion of the General Obligation Corporate Purpose Bonds, Series Y, 2003 B6, and General Obligation Refunding Bonds, Series of 2002-A.
Body
Whereas, Pursuant to resolutions of the Common Council, the City of Milwaukee (the "City") has sold and issued:
General Obligation Corporate Purpose Bonds, Series Y, dated September 1, 2002, in the amount of $42,965,000;
General Obligation Refunding Bonds, Series of 2002-A, dated October 15, 2002, in the amount of $159,985,000; and
General Obligation Corporate Purpose Bonds, Series 2003 B6, dated October 16, 2003, in the amount of $39,405,000;
and
Whereas, As of December 31, 2003, the following unpaid amounts for principal are outstanding for the above issues (the "Outstanding Bonds"):
Y Principal = $ 40,525,000
2002-A Principal = $154,765,000
2003 B6 Principal = $39,405,000
; and
Whereas, The Common Council of the City is interested in refunding all or a portion of the Outstanding Bonds; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby and herewith authorizes the Commissioners of the Public Debt to issue and sell at a private sale general obligation refunding bonds (the "Refunding Bonds"), under the provisions of § 67.04(3) and § 67.08(2), Stats., for the purpose of refunding all or a portion of the Outstanding Bonds, subject, however, to the terms and conditions hereinafter enumerated; and, be it
Further Resolved, That the Outstanding Bonds to be considered for refunding are hereby designated, and if refunded, would be called for re...
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