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File #: 020777    Version:
Type: Resolution Status: Passed
File created: 9/4/2002 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 9/24/2002
Effective date:    
Title: Substitute resolution amending File Number 020568 as relates to the refunding of any or all of City of Milwaukee General Obligation debt.
Sponsors: THE CHAIR
Indexes: GENERAL OBLIGATION BONDS, MUNICIPAL BORROWING
Attachments: 1. Comptroller's Cover Letter.pdf, 2. Fiscal Note.pdf, 3. Budget reply.pdf, 4. Fiscal Review Analysis.pdf, 5. 9/18/02 City Atty. Letter.PDF
Number
020777
Version
Substitute 2
Reference
020568
Sponsor
THE CHAIR
Title
Substitute resolution amending File Number 020568 as relates to the refunding of any or all of City of Milwaukee General Obligation debt.

Analysis
Common Council Resolution File No. 020568 authorized the Commissioners of the Public Debt to sell at a private or public sale general obligation refunding bonds to refund portions of certain issues of outstanding bonds and trust fund loans. This resolution amends Common Council Resolution File No. 020568 to authorize the Commissioners of Public Debt to refund general obligation promissory notes Series C-5 as part of the refunding.

Body
Whereas, Common Council File No. 020568 authorized the Commissioners of the Public Debt to issue and sell General Obligation Refunding Bonds, Series 2002-A under the provisions of ยงยง 67.04(3) and 67.08(2) for the purpose of refunding all or part of outstanding bonds and trust fund loans; and

Whereas, The Common Council is desirous of including in such refunding all or part of general obligation short term promissory notes, Series C-5; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee that Common Council Resolution File No. 020568 be and hereby is amended as follows:

1. The title is amended to read: Resolution authorizing refunding of all or any part of General Obligation Corporate Purpose Bonds, Series CB; CB(2); C; D; E; F; G; J; K; L; O; P; R; T; W and State Land Trust Fund Loans 9005; 9006; and, 9007 and General Obligation Short-term Promissory Note Series C-5.

2. A recital is added to read: Whereas, The Common Council has authorized the issuance and approved the sale of General Obligation Promissory Notes, Series C-5 dated November 15, 1995 in the amount of $2,915,000; and

3. The nineteenth recital is amended to read: Whereas, As of December 31, 2002, the following unpaid amounts for principal and interest are outstanding for the abo...

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