Number
030300
Version
Substitute 1
Reference
021478
Sponsor
THE CHAIR
Title
Substitute resolution authorizing refunding of all or any part of General Obligation Corporate Purpose Bonds, Series J, L, R, T, W, Y and General Obligation Refunding Bonds, Series of 1993. (Comptroller's Office)
Analysis
Resolution authorizes and requests the Commissioners of the Public Debt to issue and sell at a private or public sale General Obligation Refunding Bonds to refund a portion of the General Obligation Corporate Purpose Bonds, Series J, L, R, T, W, Y and General Obligation Refunding Bonds, Series of 1993. The Commissioners will refund the debt whenever it makes economic sense to do so.
Body
Whereas, Pursuant to resolutions of the Common Council, the City of Milwaukee (the "City") has sold and issued:
General Obligation Refunding Bonds, Series of 1993, dated April 1, 1993, in the amount of $65,525,000;
General Obligation Corporate Purpose Bonds, Series J, dated December 1, 1997, in the amount of $31,030,000;
General Obligation Corporate Purpose Bonds, Series L, dated December 15, 1998, in the amount of $36,740,000;
General Obligation Corporate Purpose Bonds, Series R, dated September 1, 2000, in the amount of $94,205,000;
General Obligation Corporate Purpose Bonds, Series T, dated September 1, 2001, in the amount of $86,135,000;
General Obligation Corporate Purpose Bonds, Series W, dated March 15, 2002, in the amount of $32,220,000; and
General Obligation Corporate Purpose Bonds, Series Y, dated September 1, 2002, in the amount of $42,965,000
; and
Whereas, As of December 31, 2002, the following unpaid amounts for principal are outstanding for the above issues (the "Outstanding Bonds"):
1993 Refunding principal = $23,630,000
J Principal = $10,355,000
L Principal = $14,745,000
R Principal = $50,250,000
T Principal = $63,845,000
W Principal = $30,550,000
Y Principal = $42,965,000
; and
Whereas, The Common Council...
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