City of Madison - File #: 07749

• File #: 07749
• Version: 2
• Name: Water Utility Mortgage Revenue Bonds, Series 2007, $30,525,000
• Type: Resolution
• Status: Passed
• File created: 10/10/2007
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 11/6/2007
• Final action: 11/6/2007
• Enactment date: 11/14/2007
• Enactment #: RES-07-01062
• Title: SUBSTITUTE - Authorizing and Providing for the Sale and Issuance of $30,525,000 $27,185,000 Water Utility Mortgage Revenue Bonds, Series 2007, and All Related Details
• Sponsors: Lauren Cnare

Date	Ver.	Action By	Action	Result
11/6/2007	1	COMMON COUNCIL	Adopt	Pass
10/31/2007	2	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
10/25/2007	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
10/16/2007	1	COMMON COUNCIL	Refer	Pass
10/10/2007	1	Finance Dept/Approval Group	Fiscal Note Pending
10/10/2007	1	Attorney's Office	Referred for Introduction

Fiscal Note

This resolution authorizes the borrowing of $27,185,000 through the issuance of Water Utility Mortgage Revenue Bonds.  Of this amount, $23,890,000 will be used to repay the temporary loan from the City's general fund and permanently finance current and future Water Utility capital improvement projects.  The remaining $3,295,000 will be used to call the outstanding portion of the Water Utility's 1999 revenue bond issue and refinance at the lower market rates currently available.

The new bonds bear a true interest cost of 4.338% and will be fully repaid over the next 20 years.  The projects financed by these bonds are authorized in the 2006, 2007 and 2008 capital budgets.

Title

SUBSTITUTE - Authorizing and Providing for the Sale and Issuance of $30,525,000 $27,185,000 Water Utility Mortgage Revenue Bonds, Series 2007, and All Related Details

Body

Attached