Number
111497
Version
Original
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing the sale and issuance of General Obligation Refunding 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 Bonds to refund portions of certain issues. The Commissioners will refund the debt whenever it makes economic sense to do so.
Body
Whereas, The City of Milwaukee (the “City”) has issued the following General Obligation bonds (the "Outstanding Bonds"):
Dated Date Series Outstanding 1st Redemption Date
3/23/2005 2005 B2 16,600,000 2/15/2015
12/1/2005 2005 B10 13,795,000 8/15/2015
12/1/2005 2005 V8 12,000,000 Any time
; and
Whereas, The Series 2005 B2, and 2005 B10 Bonds may be able to be refinanced at a lower net interest cost to the City; and
Whereas, The Series 2005 V8 bonds are secured by a Standby Bond Purchase Agreement that expires in December, 2012, and the City desires to refinance the bonds with fixed rate bonds prior to the expiration date; 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”) under the provisions of § 67.04(3), § 67.05(15), § 67.08(2), and § 67.12(12), Stats., for the purpose of refunding all or parts of the Outstanding Bonds, subject, however, to the terms and conditions hereinafter enumerated; and, be it
Further Resolved, that the Bonds shall:
(1) be in one or more series of bonds in an aggregate amount not to exceed $42,395,000;
(2) bear interest at a maximum coupon rate not to exceed 7.00% per annum;
(3) have a maximum Tr...
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