City of Milwaukee - File #: 060718

• File #: 060718
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 9/26/2006
• In control: FINANCE & PERSONNEL COMMITTEE
• On agenda: 10/18/2006
• Final action: 10/24/2006
• Title: Substitute resolution authorizing the issuance of general obligation refunding bonds.
• Sponsors: THE CHAIR
• Indexes: GENERAL OBLIGATION BONDS, MUNICIPAL BORROWING

Date	Ver.	Action By	Action	Result	Tally
10/31/2006	1	MAYOR	SIGNED
10/24/2006	1	COMMON COUNCIL	ADOPTED	Pass	15:0
10/18/2006	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
10/10/2006	1	CITY CLERK	DRAFT SUBMITTED
10/3/2006	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
9/28/2006	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
9/28/2006	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
9/26/2006	0	COMMON COUNCIL	ASSIGNED TO

Number
060718
Version
Substitute 1
Reference

Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance of general obligation refunding bonds.

Analysis
Resolution 050991 authorized the issuance of General Obligation Notes for purposes that includes the Sewer Maintenance Fund. The City is in the process of borrowing for the Sewer Maintenance Fund at favorable low interest rates from the State’s Clean Water Fund (CWF). Because of the long process in borrowing from the CWF, on July 20, 2006, the City borrowed $10,000,000 for Sewer Maintenance Fund purposes pursuant to Resolution 050991 on an interim basis (“Series 2006 P4”) pending a loan from the CWF.

In the event that the loan process is not completed prior to the maturity of the Series 2006 P4 on January 1, 2007, this resolution authorizes a refunding of the Series 2006 P4.

Body
Whereas, The Common Council of the City of Milwaukee (the "City") pursuant to Common Council File Number 050991 (“CCFN 050991”) authorized the sale and issuance of General Obligation Promissory Notes for various public purposes; and

Whereas, Pursuant to CCFN 050991, on July 20, 2006, the $10,000,000 General Obligation Promissory Notes, Series 2006 P4 were issued, the purpose of which was to provide interim financing for Sewer Maintenance Fund purposes (“Outstanding Notes”); and

Whereas, The Common Council is interested in refunding all or a certain portion of the Outstanding Notes; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee that, it hereby and herewith authorizes the Commissioners of the Public Debt to issue and sell at a private or public sale General Obligation Refunding Bonds (the “Bonds”) under the provisions of § 67.04(3) and § 67.08(2), Stats., for the purpose of refunding all or parts of the Outstanding Notes, subject, however, to the terms and conditions hereinafter enumerated; and, be it

Further Resolved, That the Bonds shall be in one or more series of bonds in ...