Number
120976
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing the sale and issuance of up to $12,000,000 Water System Revenue Bonds.
Sections
Analysis
This resolution authorizes and provides for the sale of Water System Revenue Bonds for financing the costs of improvements to the City’s Water System. The City will use the Water System Revenue Bonds to borrow for Water purposes from the State of Wisconsin Safe Drinking Water Loan Program. The Safe Drinking Water Loan Program is one of the State’s subsidized loan programs included in the Environmental Improvement Fund. The Safe Drinking Water Loan program provides loans to municipalities at subsidized rates for drinking water projects.
Body
Whereas, The City of Milwaukee, Milwaukee County, Wisconsin (the “Municipality”) owns and operates a water system (the “System”) which is operated for a public purpose as a public utility by the Municipality; and
Whereas, Certain improvements to the System are necessary to meet the needs of the Municipality and the residents thereof, consisting of the construction of a project (the “Project”) assigned Safe Drinking Water Loan Program Project No. 4851-08 by the State of Wisconsin Department of Natural Resources (the “Department of Natural Resources”), and as defined in the Department of Natural Resources approval letter for the plans and specifications, or portions thereof, issued under Wis. Stat. Section 281.41; dated December 26, 2013, and assigned number 40251; and
Whereas, Under the provisions of Chapter 66 of the Wisconsin Statutes any municipality may, by action of its governing body, provide for purchasing, acquiring, constructing, extending, adding to, improving, operating and managing a public utility from the proceeds of bonds, which bonds are to be payable only from the revenues received from any source by such utility, including all rentals and fees; and
Whereas, The Municipality deems it to be necessary, desira...
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