Sponsor
Alderman Spangenberg
Title
RESOLUTION AUTHORIZING THE BORROWING OF $2,000,000; PROVIDING FOR THE ISSUANCE AND SALE OF Taxable General Obligation Refunding Bonds 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: $2,000,000 Taxable Note Anticipation Notes, Series 2005B, dated June 30, 2005 (the "2005 Notes") (hereinafter the refinancing of the City's 2005 Notes 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 2005 Notes for the purpose of providing permanent financing for the projects financed by the 2005 Notes; 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, due to certain provisions contained in the Internal Revenue Code of 1986, as amended, it is necessary to issue such general obligation refunding bonds on a taxable rather than tax-exempt basis; 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 taxable 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 TWO MILLION DOLLARS ($2,000,000) from Robert W. Baird &...
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