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City Hall 200 E. Wells Street Room 404
Milwaukee, WI 53202
Phone: (414) 286-3321
City of Milwaukee, Wisconsin
Notice of Bank Loan
December 20, 2018
On December 20, 2018, the City of Milwaukee, Wisconsin entered into master Revolving Loan Agreement with U.S. Bank National Association (the “RLA”) to provide the standard terms for an actual loan series.
Security: General Obligation Pledge
Term: December 20, 2028
Interest Rate: Variable based upon 1-Month LIBOR, or such other index as may be agreed upon
Termination: The right to draw may be terminated upon specified events (“Termination Event”)
Term-Out: Single Principal payment due 18 months from the earlier of: i) Term Date; or ii) Termination Event
Acceleration: None, other than the right to terminate draws, which would then begin the 18-month Term-Out period
Amount: Outstanding amount under the RLA may not exceed $200,000,000
Under the RLA, the City may request that U.S. Bank establish a Series Supplement under which the City may request advances and make repayments under specified terms for the Series, including: Series Maximum Amount, Interest Rate Spread to the Index, and Series Maturity Date.
The purpose of the RLA is to provide standard terms for shorter-term Series Supplements that will be entered into from time to time. Only when combined with a Series Supplement is U.S. Bank obligated to make advances in the aggregate amount of, and until the Maturity Date of, the Series Supplement.
Maturity Date Amount
05/30/2020 $75,000,000
06/01/2021 $55,000,000
01/29/2021 $125,000,000 fixed rate at 1.35%, no term-out, callable 12/1/2020, excluded from the $200,000,000 RLA Limit.
