Sponsor
Alderman Spangenberg
Title
Resolution providing for the issuance and sale of $18,980,000 Waterworks System Mortgage Revenue Bonds and providing for the payment of said bonds and other details and covenants with respect thereto
Whereas, the City of Racine, Racine County, Wisconsin (the "Municipality") owns and operates a Waterworks System (the "System") which is operated for a public purpose as a public utility by the Municipality; and
Whereas, under the provisions of Section 66.0621 of the Wisconsin Statutes any municipality may, by action of its governing body, provide funds for purchasing, acquiring, leasing, constructing, extending, adding to, improving, conducting, controlling, operating and managing a public utility or to refund obligations issued for such purposes from the proceeds of bonds, which bonds are to be payable only from the revenues received from any source by such utility, including all rentals and fees; and which bonds may be additionally secured by a mortgage lien upon such utility; and
Whereas, the Municipality has outstanding its Waterworks System Mortgage Revenue Bonds, Series 1995, dated February 1, 1995 (the "1995 Bonds"), its Waterworks System Mortgage Revenue Refunding Bonds, dated April 15, 2001 (the "April 2001 Bonds"), its Waterworks System Mortgage Revenue Bonds, dated October 1, 2001 (the "October 2001 Bonds") and its Waterworks System Mortgage Revenue Bonds, dated November 1, 2004 (the "November 2004 Bonds"), which bonds are payable from the income and revenues of the System and are additionally secured by a mortgage lien on the System (collectively, the "Prior Bonds"); and
Whereas, the Prior Bonds were issued pursuant to an Ordinance adopted by the Common Council of the Municipality (the "Governing Body") on April 17, 1978, as supplemented by supplementing ordinances adopted on January 17, 1995, April 4, 2001, October 2, 2001 and October 5, 2004 (collectively, the "Ordinance"); and
Whereas, the Municipality also has o...
Click here for full text