Sponsor
Alderman Spangenberg
Title
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $9,850,000 TAXABLE GENERAL OBLIGATION REFUNDING BONDS
WHEREAS, the Common Council of the City of Racine, Racine County, Wisconsin (the "City") hereby finds and determines that it is necessary, desirable and in the best interest of the City to raise funds for the purpose of paying the cost of refinancing certain outstanding obligations of the City, specifically, the Note Anticipation Notes, dated July 27, 2010 (the "Refunded Obligations") (hereinafter the refinancing of the Refunded Obligations shall be referred to as the "Refunding"), and there are insufficient funds on hand to pay said cost;
WHEREAS, the Refunded Obligations provided temporary, short-term financing for capital improvement projects and acquisitions set forth in the City’s 2010 Capital Improvement Plan (the “Project"), and the Common Council has deemed it to be necessary, desirable and in the best interest of the City to refund the Refunded Obligations for the purpose of refinancing the capital expenditures originally financed with the Refunded Obligations and providing permanent financing for the Project;
WHEREAS, cities are authorized by the provisions of Section 67.04, Wisconsin Statutes, to borrow money and issue general obligation refunding bonds to refinance their outstanding obligations;
WHEREAS, it is the finding of the Common Council that it is necessary, desirable and in the best interest of the City to authorize the issuance of and to sell its general obligation refunding bonds (the “Bonds”) to Robert W. Baird & Co. Incorporated (the "Purchaser"), pursuant to the terms and conditions of its bond purchase proposal attached hereto as Exhibit A and incorporated herein by this reference (the "Proposal");
WHEREAS, it is the finding of the Common Council that it is desirable and in the best interest of the City to take the steps necessary to irrevocably designate the Bonds to be qualified "Build America Bon...
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