City of Madison - File #: 04399

• File #: 04399
• Version: 2
• Name: General Obligation Promissory Notes 2006-C
• Type: Resolution
• Status: Passed
• File created: 8/23/2006
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 9/19/2006
• Final action: 9/19/2006
• Enactment date: 9/21/2006
• Enactment #: RES-06-00784
• Title: Authorizing the issuance of $3,600,000 Taxable General Obligation Promissory Notes, Series 2006-C, of the City of Madison, Wisconsin, providing the details thereof, establishing interest rates thereon and levying taxes therefor.
• Sponsors: David J. Cieslewicz

Date	Ver.	Action By	Action	Result
9/19/2006	2	COMMON COUNCIL	Adopt	Pass
9/19/2006	2	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
9/19/2006	2	Attorney's Office	Fiscal Note Required / Approval
9/19/2006	2	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office (AFTER CC INTRO)
9/18/2006	1	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
9/5/2006	1	COMMON COUNCIL	Refer
9/5/2006	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
8/23/2006	1	Attorney's Office	Referred for Introduction

Fiscal Note

These Notes will finance a portion of the City's acquisition of the Allied Drive properties and participation in the Monroe Commons development.  Due to the private business uses for which these funds will be disbursed, the City's borrowing is not eligible for tax exempt status.  The principal repayment and interest cost will be included in the 2007 and future years' operating budgets.  It is anticipated that the debt service associated with this borrowing will be repaid by TIF increment.  This resolution authorizes the City to borrow $3,600,000 at a true interest cost of 5.287521% through the issuance of taxable General Obligation Promissory Notes and levies an irrevocable property tax sufficient for the purposes of paying principal and interest on the Notes.

Title

Authorizing the issuance of $3,600,000 Taxable General Obligation Promissory Notes, Series 2006-C, of the City of Madison, Wisconsin, providing the details thereof, establishing interest rates thereon and levying taxes therefor.

Body

See Attached