Number
121149
Version
Substitute 1
Reference
111565, 121150, 121174
Sponsor
The Chair
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes.
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation promissory notes in the amount of $1,148,755,112.67.
Body
Whereas, general obligation bonds and notes have been authorized in the 2009, 2010, 2011, 2012, and 2013 municipal budgets; and
Whereas, in resolution 111565, the City has authorized up to $200,000,000 of Extendable Municipal Commercial Paper, 2012 Program Series C6, Series R7 and Series T8 (Taxable) to be outstanding from time to time (along with other commercial paper that may be, from time to time, authorized by the City to be issued, the “Commercial Paper Notes”); and
Whereas, the City desires to provide permanent long-term financing of the Commercial Paper Notes; and
Whereas, Common Council File Number 121174 authorizes the issuance of $17,000,000 of refunding notes and bonds, and it is desirable to combine the issuance of refunding notes and bonds with new money purposes notes and bonds authorized herein; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee in accordance with sec. 67.12(12), Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation promissory notes up to the aggregate amount of $1,148,755,112.67 for each of the public purposes and in the amounts shown on Exhibit A, which includes $100,000,000 for refunding Commercial Paper Notes and $17,000,000 for refunding general obligation bonds; and, be it
Further Resolved, That debt issued for purposes and amounts set forth in Exhibit A apart from this resolution, other than as Commercial Paper Notes, shall not like wise be issued pursuant to this resolution. Debt issued as Commercial Paper Notes for purposes set...
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