City of Madison - File #: 48491

• File #: 48491
• Version: 1
• Name: Authorizing The Issuance of $76,900,000 General Obligation Promissory Notes, Series 2017-A, and $12,950,000 Taxable General Obligation Promissory Notes, Series 2017-B, All Of The City of Madison, Wisconsin, Providing The Details Thereof, Establishing Inte
• Type: Resolution
• Status: Passed
• File created: 8/18/2017
• In control: FINANCE COMMITTEE
• On agenda: 9/5/2017
• Final action: 9/19/2017
• Enactment date: 9/19/2017
• Enactment #: RES-17-00765
• Title: Authorizing The Issuance of $76,900,000 General Obligation Promissory Notes, Series 2017-A, and $12,950,000 Taxable General Obligation Promissory Notes, Series 2017-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
9/19/2017	1	COMMON COUNCIL	Adopt Unanimously	Pass
9/19/2017	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
9/5/2017	1	COMMON COUNCIL	Refer	Pass
8/18/2017	1	Attorney's Office	Referred for Introduction

Fiscal Note

This resolution authorizes the issuance of general obligation promissory notes totaling $89,850,000 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 $76,900,000, will be used to finance current year capital improvements authorized in the 2017 capital budget.  A description of the specific expenditure purposes is included in the resolution.  The true interest cost of this series is 1.70%.  Repayment is scheduled over the next 10 years.

Series B, with a par amount of $12,950,000, will be used to fund those portions of the 2017 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 tax incremental financing projects, including the Capitol East District Parking Garage.  The true interest cost of this series is 2.35%, and borrowed amounts will be repaid over the next 10 years.

Title

Authorizing The Issuance of $76,900,000 General Obligation Promissory Notes, Series 2017-A, and $12,950,000 Taxable General Obligation Promissory Notes, Series 2017-B, All Of The City of Madison, Wisconsin, Providing The Details Thereof, Establishing Interest Rates Thereon And Levying Taxes Therefor

Body

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