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File #: 191404    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 corporate purpose bonds.
Sponsors: THE CHAIR
Attachments: 1. Borrowing Letter, 2. Fiscal Note, 3. Exhibit A v1
Number
191404

Version
Substitute 1

Reference

Sponsor
The Chair

Title
Substitute resolution authorizing the Commissioners of the Public Debt to market general obligation corporate purpose bonds.

Sections
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation "corporate purpose bonds" in the amount of $962,360,538.36.

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

Whereas, Initial resolutions have been adopted authorizing the issuance of such general obligation bonds; 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

Whereas, The Common Council desires to combine general obligation bonds authorized under the various initial resolutions into one issue and to designate such bonds as "corporate purpose bonds"; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee in accordance with section 67.05(13) and 67.05(15), Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation corporate purpose bonds in the aggregate amount of $962,360,538.36 (“Bonds”) for each of the public purposes provided by the underlying initial resolutions and in the amounts shown in 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 likewis...

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