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File #: 161127    Version:
Type: Resolution Status: Passed
File created: 12/13/2016 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 1/18/2017
Effective date:    
Title: Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes.
Sponsors: THE CHAIR
Attachments: 1. Comptroller Letter, 2. Revised Exhibit A, 3. Fiscal Impact Statement, 4. Hearing Notice List, 5. Obsolete Exhibit A, 6. Comptroller's Certified Copy, 7. Comptroller's Certified Resolution of 108124-1
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
1/26/20171 MAYOR SIGNED   Action details Meeting details Not available
1/18/20171 COMMON COUNCIL ADOPTEDPass14:0 Action details Meeting details Not available

Minutes note: Individual appearing: Richard Li, Comptroller's Office Ald. Lewis moved to amend the file by accepting a Revised Exhibit A in lieu of the original. (Prevailed 4-0)
Pass4:0 Action details Meeting details Video Video
1/11/20171 FINANCE & PERSONNEL COMMITTEE RECOMMENDED FOR ADOPTIONPass4:0 Action details Meeting details Not available
1/6/20171 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
1/4/20171 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
12/13/20160 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available

Substitute 1

160690, 160691

The Chair

Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes.

This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation promissory notes in the amount of $826,600,890.12.

Whereas, General obligation bonds and notes have been authorized in the 2013, 2014, 2015, 2016, and 2017 municipal budgets; and

Whereas, resolutions 160690 and 160691 authorizes up to $150,000,000 and $80,000,000, respectively, of Direct Loans outstanding from time to time (the “Direct Loan Notes”); and

Whereas, the City desires to provide permanent long-term financing of the Direct Loan Notes; and

Whereas, the file 161024 authorizes the refunding of certain General Obligation Corporate Bonds in the amount of $33,120,000 (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 $826,600,890.12 for each of the public purposes and in the amounts shown on Exhibit A, which includes $75,500,000 for refunding Direct Loan Notes and $33,120,000 for the refunding of Outstanding Bonds; and, be it

Further Resolved, That debt issued for purposes and amounts set forth in Exhibit A apart from this resolution, other than as Direct Loan Notes, shall not like wise be issued pursuant to this resolution. Debt issued as Direct Loan Notes for purposes set forth in Exhibit A may be refunded under this resolution; and, be it

Further Resolved, That the general obligation promissory notes herein authorized shall be sold by the Commissioners of the Public Debt...

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