City of Madison - File #: 61909

• 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

Date	Ver.	Action By	Action	Result
9/15/2020	1	COMMON COUNCIL	Adopt - 15 Votes Required	Pass
9/15/2020	1	FINANCE COMMITTEE	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
9/1/2020	1	COMMON COUNCIL	Refer	Pass
8/25/2020	1	Attorney's Office	Referred for Introduction

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