Sponsor
Alderman Shakoor
Title
RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF $11,915,000 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 public purpose of refunding obligations of the City, including interest on them, specifically, the Note Anticipation Notes, dated September 7, 2016 (the "2016 Notes") and the General Obligation Refunding Bonds, Series 2006A, dated October 5, 2006 (the "2006 Bonds") maturing in the year 2018 (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 Obligations for the purpose of providing permanent financing for the projects financed by the 2016 Notes and achieving debt service cost savings with respect to the 2006 Bonds;
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 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 ELEVEN MILLION NINE HUNDRED FIFT...
Click here for full text