City of Milwaukee - File #: 071637

• File #: 071637
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 4/9/2008
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 6/10/2008
• Title: Substitute resolution authorizing the sale and issuance of up to $59,000,000 Sewerage System Second Lien Revenue Bonds.
• Sponsors: THE CHAIR
• Indexes: REVENUE BONDS, SEWER IMPROVEMENTS, SEWERAGE

Date	Ver.	Action By	Action	Result	Tally
6/18/2008	2	MAYOR	SIGNED
6/10/2008	2	COMMON COUNCIL	ADOPTED	Pass	13:0
6/4/2008	2	CITY CLERK	DRAFT SUBMITTED
6/4/2008	1	FINANCE & PERSONNEL COMMITTEE	SUBSTITUTED	Pass	5:0
6/4/2008	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
6/2/2008	1	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
5/15/2008	1	FINANCE & PERSONNEL COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	5:0
5/7/2008	1	CITY CLERK	DRAFT SUBMITTED
5/5/2008	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
4/9/2008	0	COMMON COUNCIL	ASSIGNED TO

Number
071637
Version
Substitute 2
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing the sale and issuance of up to $59,000,000 Sewerage System Second Lien Revenue Bonds.
Analysis
This resolution authorizes and provides for the sale of Sewerage System Second Lien Revenue Bonds in the principal amount not to exceed $59,000,000 for financing the costs of improvements to the City's Sewerage System. The City will use the Sewerage System Second Lien Revenue Bonds to borrow for Sewer Maintenance Fund purposes from the State of Wisconsin Clean Water Fund program. The Clean Water Fund Program is one of the State’s subsidized loan programs included in the Environmental Improvement Fund. The Clean Water Fund Program provides loans to municipalities for wastewater treatment and urban storm water projects.

Body
Whereas, The City of Milwaukee, Wisconsin (the “City”) owns and operates a sewerage system (the “System”) which is operated for a public purpose as a public utility by the City; and

Whereas, Certain improvements to the System are necessary to meet the needs of the City and the residents thereof, consisting of the construction of one or more capital improvements of the System, each constituting a “Project” eligible for funding under the Clean Water Fund Program administered by the State of Wisconsin Department of Natural Resources (the “Department of Natural Resources”); and

Whereas, Under the provisions of Chapter 66 of the Wisconsin Statutes any City may, by action of its governing body, provide for purchasing, acquiring, constructing, extending, adding to, improving, operating and managing a public utility from the proceeds of bonds, which bonds are to be payable only from the revenues received from any source by such utility, including all rentals and fees; and

Whereas, On August 2, 2001, the Common Council of the City adopted Common Council File Number 991863 authorizing the issuance of Sewerage System Revenue Bonds (the “First Lie...