City of Milwaukee - File #: 210436

• File #: 210436
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 7/7/2021
• In control: COMMON COUNCIL
• Final action: 9/1/2021
• Title: Substitute resolution authorizing and providing for the issuance of revenue bonds and leases for the purposes of the Port Milwaukee.
• Sponsors: THE CHAIR
• Indexes: LEASES, PORT OF MILWAUKEE, REVENUE BONDS

Date	Ver.	Action By	Action	Result	Tally
9/8/2021	1	MAYOR	SIGNED
9/1/2021	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearing: Richard Li, Comptroller's Office Adam Tindall-Schlicht, Port Milwaukee David Misky, Dept. of City Development	Pass	5:0
9/1/2021	1	COMMON COUNCIL	ADOPTED	Pass	14:0
8/24/2021	1	CITY CLERK	DRAFT SUBMITTED
7/7/2021	0	COMMON COUNCIL	ASSIGNED TO

Number
210436

Version
Substitute 1

Reference

Sponsor
The Chair

Title
Substitute resolution authorizing and providing for the issuance of revenue bonds and leases for the purposes of the Port Milwaukee.

Analysis
This resolution authorizes and establishes the “Master Resolution” for the sale of Milwaukee Port Revenue Bonds and Leases for financing the costs of improvements to the City's public harbor system. The City will use the Milwaukee Port Revenue Bonds and Leases to borrow for public harbor purposes.

Body

Whereas, The City of Milwaukee, Wisconsin (the “City”), with the consent of the Board of Harbor Commissioners (the “BHC”) of the City, has the full and complete power and authority under and pursuant to Section 30.34, Wisconsin Statutes, to finance the cost of acquisition, construction, alteration or repair of any harbor facility; and
Whereas, The City has full and complete power and authority under and pursuant to the Constitution and statutes of the State of Wisconsin particularly, Section 66.0621, Wisconsin Statutes, to issue revenue bonds to finance any revenue producing facility which includes Milwaukee Port, the City’s public harbor system (the “Milwaukee Port”), accessories, equipment and other property, including land; and
Whereas, on August 12, 2021, the BHC consented to the issuance, from time to time, of revenue bonds and leases payable from the revenues of the Milwaukee Port for the purposes of the Milwaukee Port; and
Whereas, The Common Council of the City hereby finds and determines that it is necessary and advisable and in the best interest of the City that the City provide for the issuance, from time to time, of revenue bonds and leases payable from the revenues of the Milwaukee Port for the purposes of the Milwaukee Port; to adopt this resolution authorizing an issue of Milwaukee Port Revenue Bonds and Leases to be issued from time to time in series, and making certain pledges, agreements and covenants with respect to said ...