Number
260618
Version
SUBSTITUTE 1
Sponsor
THE CHAIR
Title
Authorizing the Sale and Issuance of Taxable Water System Second Lien Revenue Bonds, Series 2026 W3
Analysis
Resolution authorizes the sale and issuance of Taxable Water System Second Lien Revenue Bonds.
Body
Whereas, Common Council Resolution File No. 191407 (the “Series Resolution”) adopted on January 19, 2021 by the Common Council (the “Common Council”) of the City of Milwaukee, Wisconsin (the “City”) authorizes the issuance of Water System Second Lien Revenue Bonds in the aggregate amount of up to $100,000,000 in one or more series (the “Bonds”) under a Master Resolution File No. 131057 adopted by the Common Council on July 22, 2014, as amended (the “Master Resolution”); and
Whereas, $90,027,560 principal amount of bonds have been issued pursuant to the Series Resolution; and
Whereas, the Series Resolution authorizes and directs that the Bonds shall be sold by the City at private sale to the State of Wisconsin Safe Drinking Water Loan Program (the “Program”) or other similar type program, on such dates or dates, at such price or prices as the Commissioners of the Public Debt of the City (the “Commissioners”) determine to be prudent and appropriate within the limits set forth in the Series Resolution;
Whereas, the Program has offered a loan to the City pursuant to the attached Financial Assistance Agreement (the “FAA”) in the principal amount of $6,327,259 with up to $1,600,000 principal forgiveness to finance Program project No. #4851-51 (the “Project”);
Whereas, as security for the loan under the FAA, the City will issue its $4,727,259 Taxable Water System Second Lien Revenue Bonds, Series 2026 W3 (the “2026 W3 Bonds”) pursuant to the Series Resolution, and the 2026 W3 Bonds will be sold to the Program;
Now, therefore, be it resolved, by the Commissioners as follows:
1. The 2026 W3 Bonds shall be sold to the Program in an amount not to exceed $4,727,259 on or before December 31,...
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