Number
151262
Version
Substitute
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes.
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 $1,374,116,046.26.
Body
Whereas, General obligation bonds and notes have been authorized in the 2012, 2013, 2014, 2015, and 2016 municipal budgets; and
Whereas, in resolution 111565, the City has authorized up to $200,000,000 of Extendable Municipal Commercial Paper, 2012 Program Series C6, Series R7 and Series T8 (Taxable) to be outstanding from time to time (along with other commercial paper that may be, from time to time, authorized by the City to be issued, the “Commercial Paper Notes”); and
Whereas, the City desires to provide permanent long-term financing of the Commercial Paper Notes; and
Whereas, the City has outstanding General Obligation Corporate Purpose Multimodal Bonds, dated August 29, 2012 in the amount of $30,000,000 as Series 2012 V10 (the “Multimodal Bonds”), and desires to provide for their refunding if conditions warrant; and
Whereas, the file 151005 authorizes the refunding of certain General Obligation Corporate Bonds in the amount of $58,660,000 (the “Outstanding Bonds”), and desires to permit refunding of those bonds with notes authorized herein; 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 up to the aggregate amount of $1,374,116,046.26 for each of the public purposes and in the amounts shown on Exhibit A, which includes $164,500,000 for refunding Commercial Paper Notes and $88,660,000 for the refunding of Multimodal Bonds and Outstanding Bonds; and, be it
Further Reso...
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