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File #: 230413    Version:
Type: Resolution Status: Passed
File created: 7/11/2023 In control: COMMON COUNCIL
On agenda: Final action: 7/31/2023
Effective date:    
Title: Substitute resolution authorizing the sale and issuance of up to $50,000,000 Sewerage System Revenue Refunding Bonds. (Comptroller)
Sponsors: THE CHAIR
Indexes: REVENUE BONDS, SEWER IMPROVEMENTS, SEWERAGE
Attachments: 1. Exhibit A, 2. Fiscal Impact Statement, 3. Hearing Notice List
Number
230413

Version
Substitute 1

Reference
991863, 021776, 100863

Sponsor
The Chair

Title
Substitute resolution authorizing the sale and issuance of up to $50,000,000 Sewerage System Revenue Refunding Bonds. (Comptroller)

Analysis
This resolution authorizes and provides for the sale by the City of a series of sewerage system revenue bonds to be issued in 2023 in the principal amount not to exceed $50,000,000 to finance the refunding of certain outstanding obligations payable from the revenues of the City’s Sewerage System and the costs of improvements to the Sewerage System; prescribes certain details of such bonds; sets forth certain other matters related thereto; and makes certain amendments to the Bond Resolution pursuant to which such revenue bonds are issued.

Body
Whereas, capitalized terms not otherwise defined in this resolution (“Series 2023 Resolution”) shall have the meanings set forth in Section 1.01 of Common Council Resolution File No. 991863 adopted by the Common Council on August 2, 2001, as amended by Resolution File No. 021776 adopted by the Common Council on April 15, 2003, by Resolution File No. 100863 adopted by the Common Council on November 23, 2010, and by this Series 2023 Resolution (the “Resolution”); and

Whereas, the Resolution provides the authority (when utilized in conjunction with separate Series Resolutions) for the issuance by the City of Milwaukee (the “City”) of multiple series of sewerage system revenue bonds to be payable from the revenues of the City’s Sewerage System (the “System”); and

Whereas, it is hereby found and determined that it is necessary and required that the City authorize the issuance of a series of Bonds (the “Series 2023 Bonds”) to finance (i) the refunding of all or a portion (the “Refunding”) of the outstanding Sewerage System Revenue Bonds, Series 2013 S5 dated June 26, 2013 (the “Prior Bonds”) and (ii) the Costs of Improvement to the System, including any plant and equipment in the Sy...

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