City of Madison, Wisconsin | Legislative Information Center
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File #: 61909    Version: 1 Name: General Obligation Promissory Notes, Series 2020-A
Type: Resolution Status: Passed
File created: 8/25/2020 In control: Attorney's Office
On agenda: 9/1/2020 Final action: 9/15/2020
Enactment date: 9/15/2020 Enactment #: RES-20-00674
Title: Authorizing the issuance of $78,545,000 General Obligation Promissory Notes, Series 2020-A, of the City of Madison, Wisconsin, providing the details thereof, establishing interest rates thereon and levying taxes therefor
Sponsors: Satya V. Rhodes-Conway
Attachments: 1. 61909 Body.pdf, 2. Bid Tab 2020-A.pdf, 3. Winning Bid Signed by the Purchaser 2020-A.pdf, 4. Debt Series A 61909.pdf

Fiscal Note

This resolution authorizes the issuance of general obligation promissory notes totaling $78,545,000 and an irrevocable property tax sufficient for the purpose of paying principal and interest on the notes.  These notes will be used to finance $71 million of current year capital improvements authorized in the 2020 capital budget, and to refund $7.9 million of previously issued debt ($7.6 million of par amount plus $426,000 of reoffering premium).  A description of the specific expenditure purposes is included in the resolution.  The true interest cost of this series is 0.80%.  Repayment is scheduled over the next 10 years, including $10.4 million in interest payments.

 

 

Title

Authorizing the issuance of $78,545,000 General Obligation Promissory Notes, Series 2020-A, of the City of Madison, Wisconsin, providing the details thereof, establishing interest rates thereon and levying taxes therefor

Body

Please see "61909 Body" in Attachments