City of Milwaukee - File #: 120975

• File #: 120975
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/8/2012
• In control: COMMON COUNCIL
• Final action: 2/5/2013
• Title: Substitute resolution authorizing the sale and issuance of up to $100,000,000 Sewerage System Second Lien Revenue Bonds.
• Sponsors: THE CHAIR
• Indexes: REVENUE BONDS, SEWERAGE

Date	Ver.	Action By	Action	Result	Tally
2/13/2013	1	MAYOR	SIGNED
2/5/2013	1	COMMON COUNCIL	ADOPTED	Pass	13:0
1/30/2013	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
1/25/2013	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
11/8/2012	0	COMMON COUNCIL	ASSIGNED TO

Number
120975

Version
Substitute 1

Reference

Sponsor
The Chair

Title
Substitute resolution authorizing the sale and issuance of up to $100,000,000 Sewerage System Second Lien Revenue Bonds.
Sections
Analysis
This resolution authorizes and provides for the sale of Sewerage System Second Lien Revenue Bonds for financing the costs of improvements to the City's Sewerage System. The City will use the Sewerage System Second Lien Revenue Bonds to borrow for Sewer Maintenance Fund purposes from the State of Wisconsin Clean Water Fund program. The Clean Water Fund Program is one of the State’s subsidized loan programs included in the Environmental Improvement Fund. The Clean Water Fund Program provides loans to municipalities at subsidized rates for wastewater treatment and urban storm water projects.

Bonds for the Sewerage System have been previously authorized to be issued as General Obligation Debt by the regular GO Note and Bond resolutions that are adopted each year. If any or all of the debt is able to be issued as Clean Water Fund loans, then a like amount of GO authority will be rescinded, and the that amount of GO debt will not be issued.
Body
Whereas, the City of Milwaukee, Wisconsin (the “City”) owns and operates a sewerage system (the “System”) which is operated for a public purpose as a public utility by the City; and

Whereas, certain improvements to the System are necessary to meet the needs of the City and the residents thereof, consisting of the construction of one or more capital improvements of the System, each constituting a “Project” eligible for funding under the Clean Water Fund Program administered by the State of Wisconsin Department of Natural Resources (the “Department of Natural Resources”); and
Whereas, under the provisions of Chapter 66 of the Wisconsin Statutes any City may, by action of its governing body, provide for purchasing, acquiring, constructing, extending, adding to, improving, operating and managing a public util...