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File #: 53772    Version: 1 Name: Sewer System Revenue Bonds, Series 2018-E
Type: Resolution Status: Passed
File created: 11/8/2018 In control: Attorney's Office
On agenda: 11/20/2018 Final action: 12/4/2018
Enactment date: 12/4/2018 Enactment #: RES-18-00831
Title: Authorizing the issuance and award of $12,500,000 principal amount of Sewer System Revenue Bonds, Series 2018-E, of the City of Madison, Wisconsin; prescribing the form and other details and providing for the collection and disposition of the revenues to be derived from the municipal sewer system of said City; making other provisions with respect to the operation of the system and the issuance of the bonds; providing for the security and payment of the bonds; and prescribing other matters pertaining thereto.
Sponsors: Paul R. Soglin
Attachments: 1. 53772 Body.pdf, 2. Bid Tab - Sewer.pdf, 3. Winning Bid Signed by the Purchaser - Sewer.pdf, 4. Final Body 53772.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
12/4/20181 COMMON COUNCIL Adopt Under Suspension of Rules 2.04, 2.05, 2.24 & 2.25 - 15 Votes RequiredPass Action details Meeting details Not available
12/4/20181 FINANCE COMMITTEE RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICERPass Action details Meeting details Not available
11/20/20181 COMMON COUNCIL ReferPass Action details Meeting details Not available
11/8/20181 Attorney's Office Referred for Introduction  Action details Meeting details Not available

Fiscal Note

This resolution authorizes $12.5 million in Sewer System Revenue Bonds.  The bonds were sold competitively with the winning bid out of 7 bids based on lowest true interest cost.  The winning bid had a true interest cost of 3.03%, with coupon rates ranging from 3.25% to 4.0% over the 15 year term of the bonds and a reoffering premium of $857,892.  Annual debt service is estimated at approximately $1.1 million annually.

 

Title

Authorizing the issuance and award of $12,500,000 principal amount of Sewer System Revenue Bonds, Series 2018-E, of the City of Madison, Wisconsin; prescribing the form and other details and providing for the collection and disposition of the revenues to be derived from the municipal sewer system of said City; making other provisions with respect to the operation of the system and the issuance of the bonds; providing for the security and payment of the bonds; and prescribing other matters pertaining thereto.

 

 

Body

See attached Body.