Number
070510
Version
Substitute 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the optional redemption of general obligation notes and bonds.
Analysis
This resolution authorizes the early redemption of general obligation notes and bonds as provided for in the budget of the City.
Body
Whereas, The 2006 Budget of the City provided for $3,000,000 for principal and interest payments on the Series 2005 V8 Bonds, with approximately $1,000,000 used for interest and carrying costs of the Series 2005 V8 Bonds in 2006; and
Whereas, Since the interest on the Series 2005 V8 bonds is variable and unpredictable, the City planned to use the amount not required for interest to redeem principal of the Series 2005 V8 Bonds; and
Whereas, The City has issued the Series 2006 S11 Bonds for sewer purposes in anticipation of receiving Clean Water Fund (CWF) loans from the State; and
Whereas, The City has received $12,178,431.86 in CWF loans to refinance a portion of the Series 2006 S11 Bonds, and the City desires to redeem $12,180,000 of the Series 2006 S11 Bonds to effect the refinancing; and
Whereas, The resolution authorizing entering into the CWF loans authorized an Authorized Officer to do and cause to be done any and all acts necessary in connection with the CWF loan, and pursuant to that authorization, a redemption notice for $12,180,000 of the Series 2006 S11 Bonds was initiated; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby and herewith authorizes the Comptroller to execute the early redemption of up to $2,000,000 of the Series 2005 V8 Bonds, and to pay for the early redemption from the balance in the Debt Service Fund from the 2006 Appropriation for Series 2005 V8 debt service; and, be it
Further Resolved, That the action of redeeming $12,180,000 of the Series 2006 S11 Bonds to an early redemption date August 9, 2007 for Clean Water Fund Loan purposes is hereby ratified; and, be ...
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