Sponsor
Alderman Shakoor
Title
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $17,675,000 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 refunding obligations of the City, including interest on them, specifically, the Note Anticipation Notes, dated September 9, 2014 (the "2014 Notes"), the General Obligation Refunding Bonds, Series 2006B, dated October 5, 2006, maturing in the years 2018 through 2025 (the "Refunded 2006 Bonds"), the General Obligation Refunding Bonds, Series 2007A, dated November 13, 2007, maturing in the years 2019 through 2021 (the "Refunded 2007 Bonds") and the General Obligation Refunding Bonds, dated December 9, 2008, maturing in the years 2020 through 2022 (the "Refunded 2008 Bonds") (collectively, the "Refunded Obligations") (hereinafter the refinancing of the Refunded Obligations shall be referred to as the "Refunding");
WHEREAS, the Common Council deems it to be necessary, desirable and in the best interest of the City to refund the Refunded 2006 Bonds, the Refunded 2007 Bonds and the Refunded 2008 Bonds for the purpose of achieving debt service cost savings and to refund the 2014 Notes to provide permanent financing for the projects financed by the 2014 Notes;
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 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 he...
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