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File #: 091323    Version: 0
Type: Resolution Status: Passed
File created: 2/9/2010 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 3/2/2010
Effective date:    
Title: Resolution authorizing the sale and issuance of general obligation bonds in the aggregate amount of $14,360,000 for school purposes.
Sponsors: THE CHAIR
Indexes: GENERAL OBLIGATION BONDS, MILWAUKEE PUBLIC SCHOOLS, MUNICIPAL BORROWING
Attachments: 1. Cover Letter, 2. Fiscal Note, 3. Hearing Notice List, 4. Notice Published on 3-15-10

Number

091323

Version

ORIGINAL

 

Reference

 

Sponsor

THE CHAIR

 

Title

Resolution authorizing the sale and issuance of general obligation bonds in the aggregate amount of $14,360,000 for school purposes.

Analysis

In 1993, the Redevelopment Authority of the City of Milwaukee (RACM) issued bonds to finance the construction of two schools for Milwaukee Public Schools (MPS). The 1993 Bonds were refinanced by RACM in 2003. The 2003 Bonds have a final maturity in 2014, and are callable in 2010. MPS has requested that the City issue GO Debt, reimbursed by MPS, to refinance the remaining $14,360,000 of RACM 2003 Bonds. MPS would reimburse the City for the debt service on the GO Debt.

 

Body

Whereas, The Milwaukee Board of School Directors has requested the issuance of general obligation bonds in the aggregate amount of $14,360,000 for school purposes; now, therefore, be it

 

Resolved, By the Common Council of the City of Milwaukee, that it hereby authorizes and declares its purpose to issue and sell general obligation bonds in the aggregate amount of $14,360,000 for school purposes.

 

 

Requestor

Comptroller

 

Drafter

RSL

PD-7649bW.rtf