Number
050285
Version
SUBSTITUE 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation "corporate purpose notes" pursuant to the provisions of Ch. 67, Stats.
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation "corporate purpose notes" in the amount of $100,000,000.
Body
Whereas, General obligation bonds and notes have been authorized in the 2002, 2003, 2004, and 2005 municipal budgets; 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 "corporate purpose notes" in the aggregate amount of $100,000,000 with the public purposes of: 1) $50,000,000 for borrowing for public purposes not contemplated at the time the 2005 budget was adopted; and 2) $50,000,000 for borrowing in anticipation of revenues with the public purpose as described in 67.12(1a); and, be it
Further Resolved, That the general obligation "corporate purpose notes" herein authorized shall be sold by the Commissioners of the Public Debt at public or private sale, and/or directly to the Public Debt Amortization Fund, and at such times as the Commissioners shall determine to be prudent and appropriate; and, be it
Further Resolved, That the general obligation "corporate purpose notes" herein authorized shall be issued on or before January 31, 2008; and, be it
Further Resolved, That the Commissioners of the Public Debt are authorized to prepare the forms and establish the procedures required in the issuance and sale of general obligation "corporate purpose notes" herein authorized in accordance with the provisions of Ch. 67, Stats., and the provisions of the City of Milwaukee ordinances, such notes to be in a form approved by the C...
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