Number
171366
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation corporate purpose bonds.
Sections
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation "corporate purpose bonds" in the amount of $836,038,856.17.
Body
Whereas, General obligation bonds have been authorized in the 2014, 2015, 2016, 2017, and 2018 municipal budgets; and
Whereas, Initial resolutions have been adopted authorizing the issuance of such general obligation bonds; and
Whereas, Resolutions 160690 and 160691 authorize 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 171362 authorizes the refunding of certain General Obligation Corporate Bonds in the amount of $70,745,000 (the “Outstanding Bonds”); and
Whereas, The Common Council desires to combine general obligation bonds authorized under the various initial resolutions into one issue and to designate such bonds as "corporate purpose bonds"; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee in accordance with section 67.05(13) and 67.05(15), Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation corporate purpose bonds in the aggregate amount of $836,038,856.17 for each of the public purposes provided by the underlying initial resolutions and in the amounts shown in Exhibit A, which includes $58,000,000 for refunding Direct Loan Notes and $70,745,000 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 i...
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