Number
111568
Version
Substitute 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance of General Obligation Refunding Notes and Bonds to refund Note Anticipation Commercial Paper Notes, Note Anticipation Multi-Modal Notes, and General Obligation Multi-Modal Notes and Bonds.
Analysis
Resolution authorizes and requests the Commissioners of the Public Debt to issue and sell at a private or public sale General Obligation Refunding Notes and Bonds to provide fixed rate financing for variable rate debt of the City.
Although the variable rate debt of the City is intended to remain variable rate for the foreseeable future, or in the instance of Commercial Paper Notes, to be long-term financed with the next regular financing of the City, this resolution provides authorization to issue fixed rate refunding notes or bonds at any time should market conditions warrant.
Body
Whereas, the City of Milwaukee (the “City”) has authorized the issuance of Extendable Municipal Commercial Paper Notes with file number 111565 (the “EMCP”), and General Obligation Multi-Modal Notes and Bonds with file number 111567 (collectively with the EMCP, the “Outstanding Variable Rate Obligations”); and
Whereas the EMCP are issued pursuant to 67.12(1)(b) in anticipation of the issuance of general obligation notes, and this resolution authorizes the issuance of such general obligation refunding notes; and
Whereas, the Common Council desires to provide fixed rate financing for the Outstanding Variable Rate Obligations; and
Whereas, other general obligation debt of the City is sold from time to time, and it is advantageous to combine the issuance of various general obligation debt into one offering;
Now, therefore, be it Resolved, by the Common Council of the City of Milwaukee that it hereby and herewith authorizes the Commission to issue and sell at a private or public sale General Obligation Refunding Bonds and/or Promissory Notes (the “Bonds”) unde...
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