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File #: 191407    Version:
Type: Resolution Status: Passed
File created: 12/17/2019 In control: COMMON COUNCIL
On agenda: Final action: 1/19/2021
Effective date:    
Title: Substitute resolution authorizing the sale and issuance of up to $100,000,000 Water System Second Lien Revenue Bonds.
Sponsors: THE CHAIR
Attachments: 1. Borrowing Letter, 2. Fiscal Note, 3. SDWL Resolution, 4. SDWL Resolution Revised Jan 5 2021


120976, 131057

The Chair

Substitute resolution authorizing the sale and issuance of up to $100,000,000 Water System Second Lien Revenue Bonds.

This resolution authorizes and provides for the sale of water revenue bonds for financing the costs of improvements to the City’s Water System. The City will use the Water System Second Lien Revenue Bonds to borrow for water purposes from the State of Wisconsin Safe Drinking Water Loan Program. The Safe Drinking Water Loan Program is one of the State’s subsidized loan programs included in the Environmental Improvement Fund. The Safe Drinking Water Loan program provides subsidized loans to municipalities for drinking water projects.
Whereas, The City of Milwaukee, Milwaukee County, Wisconsin (the “Municipality”) owns and operates a water system (the “System”) which is operated for a public purpose as a public utility by the Municipality; and
Whereas, Certain improvements to the System are necessary to meet the needs of the Municipality and the residents thereof, consisting of the construction of one or more capital improvements of the System each constituting a “Project” eligible for funding under the Safe Drinking Water Loan Program administered by the State of Wisconsin Department of Natural Resources (the “Department of Natural Resources”); and
Whereas, Under the provisions of Chapter 66 of the Wisconsin Statutes any municipality may, by action of its governing body, provide for purchasing, acquiring, constructing, extending, adding to, improving, operating and managing a public utility from the proceeds of bonds, which bonds are to be payable only from the revenues received from any source by such utility, including all rentals and fees; and
Whereas, The Municipality deems it to be necessary, desirable and in its best interest to authorize and sell water system revenue bonds of the Municipality payable solely from the revenues of...

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