City of Milwaukee - File #: 070509

• File #: 070509
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 7/11/2007
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 7/31/2007
• Title: Substitute resolution authorizing the sale and issuance of General Obligation Refunding Notes and Bonds.
• Sponsors: THE CHAIR
• Indexes: GENERAL OBLIGATION BONDS

Date	Ver.	Action By	Action	Result	Tally
8/10/2007	2	MAYOR	SIGNED
7/31/2007	2	COMMON COUNCIL	ADOPTED	Pass	13:0
7/25/2007	2	CITY CLERK	DRAFT SUBMITTED
7/25/2007	1	FINANCE & PERSONNEL COMMITTEE	SUBSTITUTED	Pass	5:0
7/25/2007	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
7/19/2007	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/18/2007	1	CITY CLERK	DRAFT SUBMITTED
7/13/2007	1	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
7/11/2007	0	COMMON COUNCIL	ASSIGNED TO

Number
070509
Version
Substitute 1
Reference

Sponsor
THE CHAIR
Title
Substitute resolution authorizing the sale and issuance of General Obligation Refunding Notes and Bonds.

Analysis
Resolution authorizes the Commissioners of the Public Debt to issue and sell at a private or public sale General Obligation Refunding Bonds to refund portions of certain issues. The City has issued short-term General Obligation Debt for Sewer Purposes in anticipation of borrowing from the State’s Clean Water Fund program. The amounts not eligible for borrowing from the Clean Water Fund program will need to be refinanced on a long-term basis.

Body
Whereas, The City of Milwaukee (the “City”) has issued short-term General Obligation debt for Sewer purposes (“GO Sewer Debt”) in anticipation of receiving long-term financing from the State’s Clean Water Fund program (“CWFP”); and

Whereas, The City has received its first loan from the CWFP for 2005 projects and has refinanced a portion of the GO Sewer Debt with the first CWFP loan; and

Whereas, The City is in the process of applying for loans for 2004, 2006, and 2007 projects, but may not receive those loans until after the maturity of the GO Sewer Debt; and

Whereas, The City desires to provide continuing short-term financing for the GO Sewer Debt until the loan application process for the 2004, 2006, and 2007 projects are complete; and

Whereas, The City desires to provide long-term financing for Sewer Projects not eligible for loans from the CWFP; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that it hereby and herewith authorizes and directs the Commissioners of the Public Debt to issue and sell at a private or public sale, and at such time or times as they shall determine to be prudent and appropriate, General Obligation Refunding Bonds and/or Promissory Notes (the “Bonds”) under the provisions of § 67.04(3), § 67.05(15), § 67.08(2), and § 67.12(12), Stats., for the purpose of refundi...