City of Milwaukee - File #: 170118

• File #: 170118
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 5/9/2017
• In control: COMMON COUNCIL
• Final action: 7/11/2017
• Title: Resolution authorizing the issuance of a general obligation promissory note.
• Sponsors: THE CHAIR
• Indexes: GENERAL OBLIGATION BONDS, MUNICIPAL BORROWING, PROMISSORY NOTES

Date	Ver.	Action By	Action	Result	Tally
7/20/2017	0	MAYOR	SIGNED
7/11/2017	0	COMMON COUNCIL	ADOPTED	Pass	15:0
7/7/2017	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals appearing: Richard Li, Comptroller's Office Joshua Benson, Comptroller's Office	Pass	5:0
6/30/2017	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
5/9/2017	0	COMMON COUNCIL	ASSIGNED TO

Number
170118

Version
Original

Reference

Sponsor
The Chair

Title
Resolution authorizing the issuance of a general obligation promissory note.

Analysis
This resolution creates a revolving loan with the Public Debt Amortization Fund to facilitate temporary cash needs of the City.

Body
Whereas, The City desires to enter into a revolving loan agreement, evidenced by a general obligation promissory note of the City, with the Public Debt Amortization Fund for temporary cash needs of the City; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee in accordance with Chapter 67 of Wisconsin Statutes, that the Public Debt Commission is authorized and requested to issue and sell General Obligation Promissory Note (the “Revolving Loan Note”) at private sale to the Public Debt Amortization Fund; and, be it

Further Resolved, That the Revolving Loan Note may be issued for various cash needs of the City as may be determined by the Common Council from time to time; and, be it

Further Resolved, That Revolving Loan Note may be issued, reissued, and redeemed from time to time, provided that the aggregate amount of the Revolving Loan Note outstanding at any time shall not exceed $10,000,000; and, be it

Further Resolved, That the Revolving Loan Note shall:
(1) bear interest at the rate of 0.25% plus the rate on the Wisconsin Local Government Investment Pool, its successor, or the 3-month Treasury Bill, such rate shall be adjusted on the 15th calendar day of each month (whether or not a business day);
(2) have a maximum coupon rate not to exceed 9.00% per annum;
(3) mature within 10 years of the date of issuance;
(4) be in the form as attached to this resolution; and
(5) be sold at a price of not less than 100% of the principal amount thereof; and, be it

Further Resolved, That a direct annual irrepealable tax shall be levied in each year that such Revolving Loan Note is outstanding, in an amount sufficient to pay, and for the express pur...