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File #: 181360    Version: 0
Type: Resolution Status: Passed
File created: 12/18/2018 In control: COMMON COUNCIL
On agenda: Final action: 1/14/2019
Effective date:    
Title: Resolution Authorizing the Sale and Issuance of General Obligation Refunding Notes and Bonds.
Sponsors: THE CHAIR
Indexes: BONDS
Attachments: 1. Comptroller Letter, 2. Fiscal Note
Number
181360

Version
Original

Reference

Sponsor
THE CHAIR

Title
Resolution Authorizing the Sale and Issuance of General Obligation Refunding Notes and Bonds.

Analysis
Resolution authorizes and requests the Commissioners of the Public Debt to issue and sell at a private or public sale General Obligation Refunding Bonds to refund portions of certain issues. The Commissioners will refund the debt whenever it makes economic sense to do so.

Body
Whereas, The City of Milwaukee (the “City”) has issued the following General Obligation bonds (the "Outstanding Bonds"):

Dated Date Series Outstanding 1st Redemption Date
2/20/2009 2009 B2 17,450,000 2/15/2019
2/19/2010 2010 T3 7,970,000 2/01/2020
4/15/2010 2010 B5 38,400,000 5/1/2020

; and

Whereas, The Common Council is interested in refunding a portion of the Outstanding Bonds; and

Whereas, Other general obligation debt of the City is sold from time to time, and it is advantageous to combine the issuance of various general obligation debt into one offering; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee that it hereby and herewith authorizes the Commission to issue and sell at a private or public sale General Obligation Refunding Bonds and/or Promissory Notes (the “Bonds”) under the provisions of § 67.04(3), § 67.05(15), § 67.08(2), and § 67.12(12), Stats., for the purpose of refunding all or parts of the Outstanding Bonds, subject, however, to the terms and conditions hereinafter enumerated; and be it

Further Resolved, that the Bonds shall;
(1) be in one or more series of bonds in an aggregate amount not to exceed $63,820,000;
(2) bear interest at a maximum coupon rate not to exceed 7.00% per annum;
(3) have a maximum True Interest Cost Rate (TIC) not to exceed 5.00%;
(4) be sold at a price of not less than 99% of the principal amount thereof plus accrued interest thereon from their date to the date of delivery and payment therefor; and
(5) be issued on or before ...

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