City of Milwaukee - File #: 150830

• File #: 150830
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 10/13/2015
• In control: COMMON COUNCIL
• Final action: 6/14/2016
• Title: Substitute resolution authorizing the issuance of general obligation bonds and approving the form of the Preliminary Official Statement used in connection with the sale of the City of Milwaukee, Wisconsin, debt.
• Sponsors: THE CHAIR
• Indexes: BONDS, GOVERNMENT

Date	Ver.	Action By	Action	Result	Tally
6/22/2016	1	MAYOR	SIGNED
6/14/2016	1	COMMON COUNCIL	ADOPTED	Pass	14:0
6/8/2016	0	FINANCE & PERSONNEL COMMITTEE	SUBSTITUTED; Minutes note: Individual appearing: Rocky Wruck, Comptroller's Office Ald. Lewis moved substitution of the file with Proposed Substitute A. (Prevailed 5-0)	Pass	5:0
6/8/2016	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
6/3/2016	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
10/13/2015	0	COMMON COUNCIL	ASSIGNED TO

Number
150830
Version
Substitute 1
Reference

Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance of general obligation bonds and approving the form of the Preliminary Official Statement used in connection with the sale of the City of Milwaukee, Wisconsin, debt.
Analysis
In connection with the sale of City debt, a Preliminary Official Statement is prepared and distributed to provide potential investors with information on the City. The rules of the Securities and Exchange Commission require that the governing body of the municipality review and approve the Official Statement for accuracy and completeness.
Body
Whereas, Files 150480 and 150481 authorized tax incremental debt for the city’s contribution to the arena project; and
Whereas, The City Comptroller has prepared a Preliminary Official Statement (the form of which is attached hereto), and will prepare an Official Statement, for the purpose of providing comprehensive financial and economic information respecting the City of Milwaukee in connection with the sale of the City of Milwaukee, Wisconsin, General Obligation Bonds, and/or Notes, (individually, an “Offered Obligation”, and collectively, the “Offered Obligations”); and
Whereas, Financial and economic information has been compiled by the Office of the Comptroller from its annual financial report, property tax records maintained by the Assessor's Office and from other books and records of the City; and
Whereas, Concurrently with the delivery of the Offered Obligations, the City will deliver its certificates signed by its Comptroller stating that the descriptions and statements, including financial statements, as pertaining to the City contained in the Official Statements as of their dates and the date of sale and delivery of each Offered Obligation, were and are true and correct in all material respects and do not contain an untrue statement of a material fact or omit to state a material fact required to be included there...