City of Milwaukee - File #: 111565

• File #: 111565
• Version: 3
• Type: Resolution
• Status: Passed
• File created: 3/20/2012
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 4/11/2012
• Title: Substitute resolution authorizing a Commercial Paper Program, the issuance of Note Anticipation Commercial Paper Notes, and related agreements.
• Sponsors: THE CHAIR
• Indexes: AGREEMENTS, PROMISSORY NOTES

Date	Ver.	Action By	Action	Result	Tally
4/17/2012	3	MAYOR	SIGNED
4/11/2012	3	CITY CLERK	DRAFT SUBMITTED
4/11/2012	2	COMMON COUNCIL	AMENDED; Minutes note: The file was amended to delete the 4th Further Resolved clause and to insert the following thereof: "Further Resolved, that in order to maintain marketability of the Commercial Paper Notes, the Comptroller is authorized, pursuant to Section 11.02 of the Indenture, to execute Supplemental Indentures to change the Maximum Rate, Reset Rate variables E and F, Maximum Original Maturity Days (up to 180 days), and Extended Maturity Days (up to 270 days), subject to the limitations contained in this resolution; and, be it"	Pass	14:0
4/11/2012	3	COMMON COUNCIL	ADOPTED	Pass	14:0
4/5/2012	1	FINANCE & PERSONNEL COMMITTEE	SUBSTITUTED; Minutes note: Individual appearing: Richard Li, Comptroller's Office Proposed Substitute A was accepted.	Pass
4/5/2012	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass
4/2/2012	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
4/2/2012	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
3/20/2012	0	COMMON COUNCIL	ASSIGNED TO

Number
111565

Version
Substitute 3

Reference

Sponsor
The Chair

Title
Substitute resolution authorizing a Commercial Paper Program, the issuance of Note Anticipation Commercial Paper Notes, and related agreements.

Sections
Analysis

Resolution 070880 authorized the 2008 Commercial Paper program. Since then, the Commercial Paper program has been valuable to reduce the borrowing costs, and improved borrowing flexibility of the City. The 2008 Commercial Paper program is secured by a letter of credit from State Street Bank that expires in December, 2012. This resolution authorizes a commercial paper program that is not secured by 3rd party credit enhancement and is a limited obligation of the City, payable only from general obligation refunding notes to be issued by the City.

Body
Whereas, Common Council Resolution File Number 111075 adopted on February 28, 2012 authorizes the issuance of fixed rate Promissory Notes pursuant to certain terms and conditions; and

Whereas, the City offers debt issues once or twice a year, but generally has additional financing needs throughout the year; and

Whereas, the City desires, pursuant to 67.12(1)(b)(1) of the Wisconsin Statutes, to issue municipal obligations in anticipation of receiving proceeds from general obligation promissory notes authorized by file number 111075 and other general obligation notes and bond issues that may be authorized from time to time; and

Whereas, the City desires to issue the municipal obligations as Extendable Municipal Commercial Paper Notes in order to avoid the need for a third party liquidity facility; and

Whereas, the Extendable Municipal Commercial Paper Notes of each series will be evidenced by a Master Note issued to Cede & Co. (the “Master Notes”); and
Whereas, it is desirable to enter into a trust indenture, issue and paying agent agreement, and commercial paper dealer agreements and execute the Master Notes to provide for and to support the issuance of the Extendable M...