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Resolution Authorizing the Issuance and Establishing Parameters for the Sale of Not to Exceed $3,935,000 General Obligation Promissory Notes, Series 2023B
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WHEREAS, the Common Council hereby finds and determines that it is necessary, desirable and in the best interest of the City of Wauwatosa, Milwaukee County, Wisconsin (the "City") to raise funds for public purposes, including paying the cost of storm sewer improvements, acquisition of equipment for the police department and other capital improvement projects (the "Project");
WHEREAS, the Common Council hereby finds and determines that the Project is within the City's power to undertake and therefore serves a "public purpose" as that term is defined in Section 67.04(1)(b), Wisconsin Statutes;
WHEREAS, the City is authorized by the provisions of Section 67.12(12), Wisconsin Statutes, to borrow money and issue general obligation promissory notes for such public purposes;
WHEREAS, it is the finding of the Common Council that it is in the best interest of the City to direct its financial advisor, Robert W. Baird & Co. Incorporated ("Baird"), to take the steps necessary for the City to offer and sell general obligation promissory notes designated as "General Obligation Promissory Notes, Series 2023B" (the "Notes") at public sale and to obtain bids for the purchase of the Notes; and
WHEREAS, in order to facilitate the sale of the Notes in a timely manner, the Common Council hereby finds and determines that it is necessary, desirable and in the best interest of the City to delegate to the Finance Director and the City Attorney (collectively, the "Authorized Officers") of the City the authority to accept on behalf of the City the bid for the Notes that results in the lowest true interest cost for the Notes (the "Proposal") and meets the terms and conditions provided for in this Resolution by executing a certificate in substantially the form attached hereto as Exhibit A and incorporated herein by re...
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