Sponsor
Alderman Friedel
Title
RESOLUTION AUTHORIZING THE BORROWING OF $6,325,000; PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2007B, THEREFOR; AND LEVYING A TAX IN CONNECTION THEREWITH
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 refunding certain outstanding obligations of the City, to wit: General Obligation Refunding Bonds (TIF No. 7), dated June 1, 1993 maturing in the years 2008 through 2012 (the "TIF No. 7 Bonds") and General Obligation Refunding Bonds (TIF No. 8), dated June 1, 1993, maturing in the years 2008 through 2012 (the "TIF No. 8 Bonds") (collectively, 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 costs; 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 restructuring the outstanding indebtedness of the City and achieving debt service cost savings; and
WHEREAS, cities are authorized by the provisions of Chapter 67 of the Wisconsin Statutes to borrow money and to issue general obligation refunding bonds to refinance their outstanding obligations; and
WHEREAS, the Common Council now deems it to be necessary, desirable and in the best interest of the City to authorize the issuance of and to award the sale of its general obligation refunding bonds to Robert W. Baird & Co. Incorporated, Milwaukee, Wisconsin.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City that:
Section 1. Authorization of the Bonds. For the purpose of paying the cost of the Refunding, there shall be borrowed pursuant to Chapter 67 of the Wisconsin Statutes, the principal sum of SIX MILLION THREE HU...
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