Number
180864
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Substitute resolution authorizing general obligation direct loan program, related agreements, and refunding of outstanding debt.
Sections
Analysis
This resolution creates a Master Direct Loan Program for the liquidity needs of the City. Overtime, it will replace the existing lines with US Bank and JP Morgan. The master program allows periodic new line of credit series within the 10 year master program.
Body
Whereas, The City has existing programs to meet the primary liquidity needs of the City; and
Whereas, It is desirable to replace such programs in order to save costs and administrative work to provide for the liquidity needs of the City; and
Whereas, The City desires to enter into a Revolving Loan Agreement to provide a revolving direct loan source of liquidity for the City through the issuance of general obligation promissory notes; and
Whereas, The City desires to refund the City’s existing general obligation notes evidencing its lines of credit with the master revolving loan program; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee in accordance with Chapter 67 of Wisconsin Statutes, that the Comptroller is authorized and requested to issue and sell General Obligation Promissory Notes (the “Direct Loan Notes”) pursuant to a Revolving Loan Agreement with U.S. Bank National Association (the “Agreement”) from time to time at private sale; and, be it
Further Resolved, That the Direct Loan Notes may be issued to refinance certain existing liquidity programs including other direct loan notes, to fund certain cash flow deficits in anticipation of the receipt of taxes or other revenues, to finance certain capital expenditures in advance of a bond or note issuance, to provide interim financing for the refunding of general obligation debt, and, as may be determined by the Common Council from time to time, for other liquidity purposes; and, be it
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