Number
060589
Version
Original
Reference
050991
Sponsor
The Chair
Title
Resolution amending Resolution File Number 050991 to permit the issuance of General Obligation notes that are subject to redemption prior to maturity.
Analysis
Resolution 050991 authorizes the issuance of fixed rate general obligation notes for various corporate purposes. The terms of the prior resolution permits the sale of only debt not subject to redemption prior to maturity. There are times when it is in the City’s interest to sell debt subject to redemption prior to maturity. This resolution amends 050991 to permit the sale of general obligation debt that is subject to redemption prior to maturity.
Body
Whereas, Common Council Resolution File Number 050991 adopted on December 13, 2005 (CCFN 050991) authorizes the issuance of general obligation notes pursuant to certain terms and conditions; and
Whereas, CCFN 050991 does not permit the issuance of general obligation notes subject to optional redemption prior to maturity; and
Whereas, There may be times when it is in the best interest of the City to sell general obligation notes subject to optional redemption prior to maturity; and
Whereas, The Common Council desires to modify CCFN 050991 to permit the sale and issuance of general obligation debt subject to redemption prior to maturity; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that, in accordance with chapter 67 of Wisconsin Statutes, that the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation notes pursuant to CCFN 050991 as may be amended from time to time; and, be it
Further Resolved that in the sixth Further Resolved clause of CCFN 050991, the following text is deleted:
“that the notes shall not be subject to optional redemption prior to maturity;”
; and, be it
Further Resolved, That the following is added to CCFN 050991 after the last “Further Resolved” clause and before the last “.” in that section:
“; and, be it
Further Resolved, That the notes may be issued with or without the optional right of the City to redeem a note prior to maturity. For each note, the Commissioners of the Public Debt may specify optional redemption terms of date(s) and price(s), with no price exceeding 101% of par. Each maturity, and each note within a maturity, may be subject to different rights of optional redemption, or may be subject to no right of optional redemption”.
Requestor
Comptroller
Drafter
Comptroller
RSL
PD-7188bW.doc
8/17/2006