Number
071100
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes pursuant to the provisions of Ch. 67, Stats.
Sections
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation promissory notes in the amount of $561,870,369.42.
Body
Whereas, General obligation bonds and notes have been authorized in the 2003, 2004, 2005, 2006, 2007, and 2008 municipal budgets; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee in accordance with sec. 67.12(12), Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation promissory notes in the aggregate amount of $561,870,369.42 for each of the public purposes and in the amounts shown on Exhibit A, attached to this file; and, be it
Further Resolved, That debt issued for purposes and amounts set forth in Exhibit A apart from this resolution shall not like wise be issued pursuant to this resolution; and, be it
Further Resolved, That general obligation promissory notes may also be issued from time to time to refund general obligation commercial paper notes of the City in order to provide long term financing for such commercial paper notes; and, be it
Further Resolved, That the general obligation promissory notes herein authorized shall be sold by the Commissioners of the Public Debt at public or private sale, and/or directly to the Public Debt Amortization Fund, and at such times as the Commissioners shall determine to be prudent and appropriate; and, be it
Further Resolved, That the general obligation promissory notes herein authorized shall be issued on or before February 28, 2009; and, be it
Further Resolved, That the Commissioners of the Public Debt are authorized to prepare the forms and establish the procedures required in the issua...
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