Sponsor
Alderman Shakoor
Title
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
$14,140,000 Waterworks System Mortgage Revenue REFUNDING 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" or the "City") owns and operates a Waterworks System (the "System") which is operated for a public purpose as a public utility by the Municipality;
WHEREAS, under the provisions of Section 66.0621 of the Wisconsin Statutes any municipality may, by action of its governing body, provide funds for extending, adding to and improving a public utility or to refund obligations issued to finance or refinance such extensions, additions and improvements 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;
WHEREAS, the Municipality has outstanding its Waterworks System Mortgage Revenue Bonds, dated November 1, 2004 (the "November 2004 Bonds"), its Waterworks System Mortgage Revenue Bonds, dated April 2, 2007 (the "2007 Bonds"), its Waterworks System Mortgage Revenue Bonds, dated December 8, 2009 (the "2009 Bonds"), its Waterworks System Mortgage Revenue Refunding Bonds, dated June 28, 2011 (the "June 2011 Bonds") and its Waterworks System Mortgage Revenue Bonds, dated October 25, 2011 (the "October 2011 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");
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 a supplementing ordinance adopted on October 5, 2004 (the "Ordinance") and by Resolutions adopted by the Governing Body on March 6, 2007, Nov...
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