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File #: 191403    Version:
Type: Resolution Status: Passed
File created: 12/17/2019 In control: COMMON COUNCIL
On agenda: Final action: 1/21/2020
Effective date:    
Title: Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes.
Sponsors: THE CHAIR
Attachments: 1. Borrowing Letter, 2. Fiscal Note, 3. Exhibit A v1
Number
191403

Version
Substitute 1

Reference

Sponsor
The Chair

Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes.

Sections
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation promissory notes in the amount of $1,012,196,949.65.

Body
Whereas, General obligation bonds and notes have been authorized in the 2016, 2017, 2018, 2019, and 2020 municipal budgets; and

Whereas, Resolutions 170118 and 180864 authorize up to $10,000,000, and $200,000,000, 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, File 191399 authorizes the refunding of certain General Obligation Corporate Bonds in the amount of $98,000,000 (the “Outstanding Bonds”), and desires to permit refunding of those Outstanding Bonds with General Obligation Promissory Notes authorized herein; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee in accordance with sec. 67.12(12), Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation promissory notes up to the aggregate amount of $1,012,196,949.65 (“Notes”) for each of the public purposes and in the amounts shown on Exhibit A, which includes $96,124,312 for refunding Direct Loan Notes and $90,150,000 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 likewise be issued pursuant to this Resolution. Debt issued as Direct Loan Notes for purposes set forth in Exhibit A may be refunded under this Resolution; and, be it

Further Resolved, That the Notes herein authorized shall be sold by the Commissioners of the Publi...

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