Number
100975
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 $559,016,034.61.
Body
Whereas, General obligation bonds have been authorized in the 2007, 2008, 2009, 2010, and 2011 municipal budgets; and
Whereas, Initial resolutions have been adopted authorizing the issuance of such general obligation bonds; and
Whereas, The City has authorized up to $125,000,000 of General Obligation Commercial Paper Promissory Notes, 2008 Program Series C2, Series R3 and Series T4 (Taxable) to be outstanding from time to time (along with other commercial paper that may be, from time to time, authorized by the City to be issued, the “Commercial Paper Notes”); and
Whereas, The City desires to provide permanent long-term financing of the Commercial Paper Notes; now, therefore, be it
Whereas, The Common Council desires to combine general obligation bonds authorized under the various initial resolutions into one issue and to designate such bonds as "corporate purpose bonds"; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee in accordance with section 67.05(13) and 67.05(15), Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation corporate purpose bonds in the aggregate amount of $559,016,034.61 for each of the public purposes provided by the underlying initial resolutions and in the amounts shown in Exhibit A, which includes $125,000,000 for refunding Commercial Paper Notes; and, be it
Further Resolved, That debt issued for purposes and amounts set forth in Exhibit A apart from this resolution, other than as Commercial Paper Notes, shall not like wise be issued purs...
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