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File #: 171368    Version:
Type: Resolution Status: Passed
File created: 12/19/2017 In control: COMMON COUNCIL
On agenda: Final action: 3/27/2018
Effective date:    
Title: Substitute resolution authorizing the sale and issuance of up to $100,000,000 Sewerage System Second Lien Revenue Bonds
Sponsors: THE CHAIR
Indexes: BONDS, GOVERNMENT, SEWERS
Attachments: 1. Exhibit A, 2. Fiscal Note, 3. Comptroller Letter, 4. Hearing Notice List
Number
171368

Version
Substitute 1

Reference
991863, 060091

Sponsor
The Chair

Title
Substitute resolution authorizing the sale and issuance of up to $100,000,000 Sewerage System Second Lien Revenue Bonds

Analysis

Body
Whereas, the City of Milwaukee, Wisconsin (the “City”) owns and operates a sewerage system (the “System”) which is operated for a public purpose as a public utility by the City; and

Whereas, certain improvements to the System are necessary to meet the needs of the City and the residents thereof, consisting of the construction of one or more capital improvements of the System, each constituting a “Project” eligible for funding under the Clean Water Fund Program administered by the State of Wisconsin Department of Natural Resources (the “Department of Natural Resources”); and

Whereas, under the provisions of Chapter 66 of the Wisconsin Statutes any City may, by action of its governing body, provide for purchasing, acquiring, constructing, extending, adding to, improving, operating and managing a public utility from the proceeds of bonds, which bonds are to be payable only from the revenues received from any source by such utility, including all rentals and fees; and

Whereas, on August 2, 2001, the Common Council of the City adopted Common Council File Number 991863 authorizing the issuance of Sewerage System Revenue Bonds (the “First Lien Bonds”), as amended by Common Council File Numbers 021776 and 100863 adopted on April 15, 2003 and November 23, 2010, respectively, and collectively the resolutions constitute the Sewerage System Revenue Bonds Bond Resolution of the City (the “Master Resolution”); and

Whereas, pursuant to Section 3.07 of the Master Resolution, the City is authorized and permitted to issue Subordinate Obligations constituting evidences of indebtedness payable out of, and which may be secured by a pledge of, such amounts in the Subordinate Obligation Fund as may from time to time be available for the purpose of pay...

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