Number
050286
Version
SUBSTITUTE 2
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing the borrowing of not to exceed $441,000,000; providing for the issuance and sale of General Obligation securities therefor; and levying a tax in connection therewith.
Analysis
This resolution authorizes the issuance of $441,000,000 of general obligation debt for various purposes as may be needed for projects in 2006, 2007, and 2008.
Body
Whereas, The Common Council of the City of Milwaukee contemplates the issuance of general obligation bonds in the aggregate amount of $441,000,000 for various public purposes, some of which are summarized in the attached Exhibit A; now, therefore, be it
Resolved by the Common Council of the City of Milwaukee (the "Issuer"), that there shall be issued, pursuant to Chapter 67, Wisconsin Statutes, general obligation promissory notes (the "Notes") in an amount not to exceed $441,000,000 (but only such amount as shall be permitted within the limits provided by Wisconsin law at the time of issuance) for various public purposes, including the purposes summarized in the attached Exhibit A (collectively, the "Projects"), and general obligation bonds or promissory notes (collectively with the Notes, the "Securities") in an amount not to exceed $441,000,000 (but only such amount as shall be permitted within the limits provided by Wisconsin law at the time of issuance) for the purpose of paying the cost of refunding the Notes, any outstanding obligations of the Issuer or any interim financing undertaken to pay the cost of the Projects; and there shall be levied on all the taxable property of the Issuer a direct, annual, irrepealable tax sufficient to pay the interest on said Securities as it becomes due, and also to pay and discharge the principal thereof within twenty years of the date of issuance of the Securities or such shorter period required by law.
Requestor
Comptroller
Drafter
Comptroller...
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