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File #: 181110    Version: 0
Type: Resolution Status: Passed
File created: 11/5/2018 In control: COMMON COUNCIL
On agenda: Final action: 12/18/2018
Effective date:    
Title: Resolution authorizing a Master Continuing Disclosure Certificate for the issuance of debt by the City.
Sponsors: THE CHAIR
Indexes: MUNICIPAL BORROWING
Attachments: 1. Comptroller Letter, 2. Fiscal Note, 3. Continuing Disclosure, Nov 29, 4. Hearing Notice List
Number
181110

Version
Original

Reference
100846

Sponsor
The Chair

Title
Resolution authorizing a Master Continuing Disclosure Certificate for the issuance of debt by the City.

Analysis
This resolution authorizes a Master Continuing Disclosure Certificate that can be used with debt issued by the City. This updates the certificate approved with Common Council File 100846 to comply with SEC rules effective for debt issued after February 27, 2019.

Body

Whereas, The City has authorized debt, for various public purposes, to be issued in one or more series of bonds or notes; and

Whereas, Rule 15c2-12 (the “Rule”) promulgated by the United States Securities and Exchange Commission (SEC) requires a Continuing Disclosure Certificate for each series of municipal securities sold to the public. In compliance with the Rule, the City has issued debt pursuant to a Master Continuing Disclosure Certificate approved with Common Council File 100846 (Prior Certificate). On August 20, 2018, the SEC amended the Rule for debt issued after February 27, 2019; and

Whereas, The City desires to adopt a new Master Continuing Disclosure Certificate that is in compliance with the amended Rule so the City debt may continue to be sold to the public; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that a Master Continuing Disclosure Certificate in substantially the form of the draft annexed to this resolution, with such changes as may be advised by the City Attorney and Bond Counsel, is authorized to be executed and delivered by the Comptroller; and, be it

Resolved, By the Common Council of the City of Milwaukee, that Addendums to Master Continuing Disclosure Certificate in substantially the form of the draft annexed to this resolution, with such changes as may be advised by the City Attorney and Bond Counsel, are authorized to be executed and delivered, from time to time, by the Comptroller; and, be it

Further Resolved, That the obligation o...

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