SUMMARY NOTICE OF SALE
CITY OF MILWAUKEE, WISCONSIN
$120,000,000 (preliminary, subject to change)
GENERAL OBLIGATION PROMISSORY NOTES
SERIES 2020 R9
The City of Milwaukee, Wisconsin (the "City") will receive sealed bids and electronic bids (as described in the Official Notice of Sale) until 10:00 A.M. Central Time for the Notes (hereinafter defined), on Thursday,
October 29, 2020
at the Office of the City Comptroller, City Hall, Room 404, 200 E Wells St, Milwaukee, Wisconsin 53202, for the purchase of $120,000,000 (preliminary, subject to change) principal amount of General Obligation Promissory Notes, Series 2020 R9, dated November 19, 2020 (the "Notes"), at which time and place such bids will be publicly considered and announced. The Notes will be formally awarded to the successful bidder at the meeting of the City's Public Debt Commission scheduled for 3:00 P.M. on October 29, 2020. The Notes will be awarded as provided for in the Official Notice of Sale. Sealed bids must be submitted on the Official Bid Form with an original signature, or if submitted electronically, electronic bids must be submitted through PARITY, as provided in the Official Notice of Sale. No other provider of electronic bidding services will be accepted. Bidders may bid on all or a portion of the Notes in amounts specified in the Official Notice of Sale, and each bid will be considered separately. The City will not be responsible or liable for bids submitted electronically.
Information regarding the Notes is furnished solely to provide limited summary information, and does not purport to be comprehensive. All such information is qualified in its entirety by reference to the more detailed descriptions appearing in the Official Notice of Sale and the Preliminary Official Statement, including Appendices. The Notes will be direct general obligations of the City, payable from taxes levied on all taxable property within said City, subject to taxation by said City, without limitation as to rate or amount. The Notes are being issued for the purpose of financing the fiscal requirements of the City.
The Notes shall be issued in registered form in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York. The Notes shall be of the denominations, bear interest payable at such times, mature in the years and in the amounts and bear such other details as set forth in the Official Notice of Sale. The Notes are not subject to prior redemption. The Notes will be awarded as provided for in the Official Notice of Sale.
The final approving opinions of Katten Muchin Rosenman LLP and of Hurtado, S.C., bond counsel to the City, for the Notes will be furnished to the successful bidder without cost. There will also be furnished the usual closing documents, dated as of the date of delivery of and payment for the Notes, including a certificate that there is no litigation pending or threatened affecting the validity of the Notes.
Copies of the Preliminary Official Statement, which includes the Official Notice of Sale and Bid Form, may be obtained from the City Comptroller at the above address. Reference should be made to the Official Notice of Sale for information related to the details of the Notes, award, form of bid, good faith deposit and purchase price, right of rejection, security, authority, delivery and CUSIP Number. The City Comptroller will furnish supplemental information to any bidder upon request. Information about PARITY and Rules of PARITY may be viewed at the PARITY website.
Dated: Ocober 15, 2020
Aycha Sawa, City Comptroller
City of Milwaukee, Wisconsin