Number
221260
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 $589,899,059.36.
Body
Whereas, general obligation bonds and notes have been authorized in the 2019, 2020, 2021, 2022 and 2023 municipal budgets; and
Whereas, resolutions 180864, 210940, and 221095 authorize up to $200,000,000, 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 221255 authorizes the refunding of certain General Obligation Corporate Bonds in the amount of $36,820,000 (the “Outstanding Bonds”), and the City desires to permit refunding of those Outstanding Bonds with General Obligation Corporate Purpose Refunding Bonds authorized herein;
Now, Therefore, be it:
Resolved, by the Common Council of the City of Milwaukee in accordance with Sections 67.05(13) and 67.05(15), Wisc. Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell, at public or private sale, general obligation corporate purpose bonds up to the aggregate amount of $589,899,059.36 (“Bonds”) for each of the public purposes and in the amounts shown on Exhibit A, which includes $10,000,000 for refunding Direct Loan Notes and $36,820,000 for the refunding of Outstanding Bonds; and, be it
Further Resolved, the Bonds shall be issued pursuant to the attached Bond Resolution as follows:
1. The Bonds shall be issued on or before May 30, 2024.
2. The Bonds shall be sold at a price of not less than par and accrued interest thereon, and shall bear interest payable semi-annually or at maturity.
3. Bond...
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