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File #: 31321    Version: Name: 2013 Borrowing.docx
Type: Resolution Status: Passed
File created: 8/19/2013 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 9/17/2013 Final action: 9/17/2013
Enactment date: 9/20/2013 Enactment #: RES-13-00705
Title: SUBSTITUTE -- Resolution Authorizing the Issuance of $57,265,000 General Obligation Promissory Notes, Series 2013-A, and $4,245,000 Taxable General obligation Promissory Notes, Series 2013-B, All of the City of Madison, Wisconsin, Providing the Details thereof, Establishing Interest Rates Thereon and Levying Taxes Therefor
Sponsors: Paul R. Soglin
Attachments: 1. Madison Note Resolution Series 2013.pdf, 2. Bid Tab 2013-A.pdf, 3. Bid Tab 2013-B.pdf, 4. Winning Bid Signed by the Purchaser 2013-A.pdf, 5. Winning Bid Signed by the Purchaser 2013-B.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
9/17/20131 COMMON COUNCIL Adopt UnanimouslyPass Action details Meeting details Not available
9/17/20131   RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER  Action details Meeting details Not available
9/17/20132 BOARD OF ESTIMATES (ended 4/2017) RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICERPass Action details Meeting details Not available
9/3/20131 COMMON COUNCIL ReferPass Action details Meeting details Not available
8/19/20131 Attorney's Office Referred for Introduction  Action details Meeting details Not available
Fiscal Note
This resolution authorizes the issuance of general obligation promissory notes totaling $61,510,000 and an irrevocable property tax sufficient for the purpose of paying principal and interest on the notes.  These notes are divided into two series:
 
Series A, with a par amount of $57,265,000, will be used to finance current year capital improvements authorized in the 2013 capital budget.  A description of the specific expenditure purposes is included in the resolution.  The true interest cost of this series is 2.16%.  Repayment is scheduled over the next 10 years.
 
Series B, with a par amount of $4,245,000, will be used to fund those portions of the 2013 capital budget that are not eligible for tax-exempt financing because the projects are for the benefit of private entities.  These projects are financed using taxable notes and are related to the Capitol Gateway and University Crossing Tax Increment Districts.  The true interest cost of this series is 2.61%, and borrowed amounts will be repaid over the next 10 years.
 
A summary of the winning bids and all other bidders for the two note series are provided in separate Legistar attachments.
Title
SUBSTITUTE -- Resolution Authorizing the Issuance of $57,265,000 General Obligation Promissory Notes, Series 2013-A, and $4,245,000 Taxable General obligation Promissory Notes, Series 2013-B, All of the City of Madison, Wisconsin, Providing the Details thereof, Establishing Interest Rates Thereon and Levying Taxes Therefor
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