Number
131211
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation corporate purpose bonds.
Sections
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation "corporate purpose bonds" in the amount of $719,530,315.47.
Body
Whereas, General obligation bonds have been authorized in the 2010, 2011, 2012, 2013, and 2014 municipal budgets; and
Whereas, initial resolutions have been adopted authorizing the issuance of such general obligation bonds; 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, the City has outstanding General Obligation Corporate Purpose Multimodal Bonds, dated August 29, 2012 in the amount of $15,000,000 as Series 2012 F9 and $15,000,000 as Series 2012 V10 (the “Multimodal Bonds”), and desires to provide for their refunding if conditions warrant; and
Whereas, the Common Council desires to combine general obligation bonds authorized under the various initial resolutions into one issue and to designate such bonds as "corporate purpose bonds"; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee in accordance with section 67.05(13) and 67.05(15), Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation corporate purpose bonds in the aggregate amount of $719,530,315.47 for each of the public purposes provided by the underlying initial resolutions and in the amounts sh...
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