City of Milwaukee - File #: 120974

• File #: 120974
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/8/2012
• In control: COMMON COUNCIL
• Final action: 4/9/2013
• Title: Substitute Resolution authorizing $50,000,000 general obligation direct loan program and related agreements.
• Sponsors: THE CHAIR
• Indexes: GENERAL OBLIGATION BONDS

Date	Ver.	Action By	Action	Result	Tally
4/18/2013	1	MAYOR	SIGNED
4/9/2013	1	COMMON COUNCIL	ADOPTED	Pass	14:0
4/4/2013	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individual appearing: Richard Li, Comptroller's Office	Pass	5:0
4/2/2013	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
11/8/2012	0	COMMON COUNCIL	ASSIGNED TO

Number
120974

Version
Substitute 1

Reference

Sponsor
The Chair

Title
Substitute Resolution authorizing $50,000,000 general obligation direct loan program and related agreements.

Sections
Analysis

This resolution creates a Direct Loan Program for the liquidity needs of the City. The City has Extendable Municipal Commercial Paper in order to meet the primary liquidity needs of the City. In the event of a credit or other crisis, the Direct Loan Program will be available as an alternative liquidity source.

Body

Whereas, the City has an Extendable Commercial Paper Program available to meet the primary liquidity needs of the City; and

Whereas, it is desirable to diversify the City’s access to liquidity in the event of market disruptions; and

Whereas, the City desires to enter into a Line of Credit Agreement for the general obligation promissory notes to provide a Direct Loan source of liquidity for the City;

Now, Therefore, be it

Resolved, By the Common Council of the City of Milwaukee in accordance with Chapter 67 of Wisconsin Statutes, that the Commissioners of the Public Debt are authorized and requested to issue and sell Taxable General Obligation Promissory Notes (the “Direct Loan Notes”) at private sale; and, be it

Further Resolved that the Direct Loan Notes may be issued for the purposes that Extendable Municipal Commercial Paper Notes pursuant to file number 111565 may be issued, for refunding maturing Extendable Municipal Commercial Paper Notes, for refunding tendered Rolling Tender Variable Rate Bonds, and for other purposes as may be determined by the Common Council from time to time; and, be it

Further Resolved, that the Line of Credit Agreement for the Direct Loan Notes (the “Agreement”), a form of which is attached to this resolution, is approved and authorizes and directs the appropriate officers to execute and deliver the Agreement with such changes as may be recommended and approved by the City Attorney in consultation with ...