Sponsor
Alderman Friedel
Title
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $7,680,000 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, to wit: the $7,600,000 Note Anticipation Notes, dated July 22, 2008 (the "Refunded Obligations") (hereinafter the refinancing of the City's Refunded Obligations shall be referred to as the "Refunding"), and there are insufficient funds on hand to pay said cost; and
WHEREAS, the Common Council deems it to be necessary, desirable and in the best interest of the City to refund the Refunded Obligations for the purpose of providing permanent financing for the projects financed by the Refunded Obligations; and
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; and
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 general obligation refunding 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").
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City that:
Section 1. Authorization and Sale of the Bonds. For the purpose of paying the cost of the Refunding, there shall be borrowed pursuant to Section 67.04, Wisconsin Statutes, the principal sum of SEVEN MILLION SIX HUNDRED EIGHTY THOUSAND DOLLARS ($7,680,000) from the Purchaser in accordance with the terms and conditions of the Proposal which is hereby accepted and the Mayor and City Cle...
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