City of Madison - File #: 39808

• File #: 39808
• Version: 1
• Name: Authorizing The Issuance Of $65,565,000 General Obligation Promissory Notes, Series 2015-A, And $13,345,000 Taxable General Obligation Promissory Notes, Series 2015-B, All Of The City Of Madison, Wisconsin, Providing The Details Thereof, Establishing Inte
• Type: Resolution
• Status: Passed
• File created: 8/21/2015
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 9/1/2015
• Final action: 10/6/2015
• Enactment #: RES-15-00782
• Title: Authorizing The Issuance Of $65,565,000 General Obligation Promissory Notes, Series 2015-A, And $13,345,000 Taxable General Obligation Promissory Notes, Series 2015-B, All Of The City Of Madison, Wisconsin, Providing The Details Thereof, Establishing Interest Rates Thereon And Levying Taxes Therefor
• Sponsors: Paul R. Soglin

Date	Ver.	Action By	Action	Result
10/6/2015	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
10/6/2015	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
9/1/2015	1	COMMON COUNCIL	Referred	Pass
8/21/2015	1	Attorney's Office	Referred for Introduction

Fiscal Note

This resolution authorizes the issuance of general obligation promissory notes totaling $78,910,000 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 $65,565,000, will be used to finance current year capital improvements authorized in the 2015 capital budget ($56,815,000) and to refund 2007 Series A promissory notes at a lower interest rate ($8,750,000).  A description of the specific expenditure purposes is included in the resolution.  The net present value savings from refunding the 2007 Series A promissory notes is $375,653 (approximately 4% benefit).  This savings will be realized in 2016 and 2017.  The true interest cost of this series is 1.73%.  Repayment of the new money portion of Series A is scheduled over the next 10 years.

Series B, with a par amount of $13,345,000, will be used to fund those portions of the 2015 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 Anchor Bank redevelopment project in TID 45.  The true interest cost of this series is 2.19%, and borrowed amounts will be repaid over the next 10 years.

Title

Authorizing The Issuance Of $65,565,000 General Obligation Promissory Notes, Series 2015-A, And $13,345,000 Taxable General Obligation Promissory Notes, Series 2015-B, All Of The City Of Madison, Wisconsin, Providing The Details Thereof, Establishing Interest Rates Thereon And Levying Taxes Therefor

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