Number
210437
Version
Substitute 1
Reference
210436
Sponsor
The Chair
Title
Substitute resolution authorizing a financing lease in a principal amount not to exceed $6,900,000 to finance capital improvements at the Port Milwaukee, which rental payments thereunder shall be made solely from net revenues of Port Milwaukee. (Comptroller)
Analysis
This resolution authorizes entering into a Milwaukee Port Revenue Lease for financing the costs of improvements to the City's public harbor system. $5.8 million will be used for the City portion of demolition and rail costs relating to a new agricultural terminal at Port Milwaukee. Up to $1.1 million will be used to establish reserves and pay issuance costs.
Body
Whereas, the Common Council of the City of Milwaukee (the “City”) has heretofore adopted Common Council Resolution File No. 210436 (the “Master Resolution”) on September __ 2021, authorizing and providing for the issuance of revenue bonds and leases for the purposes of financing improvements at the Milwaukee Port (“Improvements”). All capitalized terms used in this Series 2021 Resolution which are defined in Section 1.01 of the Master Resolution shall have the same meanings, respectively, in this Series 2021 Resolution as such terms are given in said Section 1.01 of the Master Resolution. In addition, as used in this Series 2021 Resolution, unless the context shall otherwise require, the following terms shall have the following respective meanings: “Series 2021 Resolution” means this Series 2021 Resolution authorizing a financing lease in a principal amount of not to exceed $6,900,000 to finance capital improvements at the Milwaukee Port, which rental payment thereunder shall be made solely from net revenues of the Milwaukee Port; and
Whereas, the Master Resolution provides the authority (when utilized in conjunction with separate “Series” resolutions) for the issuance of Parity Leases of Milwaukee Port facilities to the City to be payable from th...
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