Number
091668
Version
Substitute 1
Reference
090555, 090777, 090814
Sponsor
Ald. Murphy
Title
Substitute resolution authorizing the Commissioners of the Public Debt to market up to $38,000,000 of general obligation corporate purpose bonds of the City for school purposes.
Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation school bonds in the amount of $38,000,000 for various school construction projects.
Body
Whereas, Common Council file number 090814 authorized the issuance of up to $57,000,000 of general obligation bonds as tax credit qualified school construction bonds in order to finance up to $48,000,000 of projects, and $12,000,000 of bonds have been issued pursuant to that resolution in order to finance $11,300,000 of projects; and
Whereas, Qualified school construction bonds may now be issued as taxable bonds with a direct payment from the US Government for the interest paid on the bonds, and the City desires to permit the issuance of the remaining qualified school construction bonds with the potentially more advantageous direct payment structure; and
Whereas The Milwaukee Public Schools has requested the issuance of the remaining qualified school construction bonds as taxable bonds with the direct payment structure; and
Whereas, Common Council file number 090555 adopted on October 13, 2009 (the “Resolution 090555”) authorizes the issuance of general obligation bonds for school purposes in the amount of $48,000,000, of which $12,000,000 has been issued; and
Whereas, Common Council file number 091323 adopted on March 2, 2010 (“Resolution 091323”, and with Resolution 090555, the “Initial Resolutions”) authorizes the issuance of general obligation bonds for school purposes in the amount of $14,360,000, of which $11,020,000, has been issued; and
Whereas, The 2009 Budget of the City authorizes $130,000,000 of Contingent Borrowing for purposes not anticipated in the...
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