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City Hall 200 E. Wells Street Room 404

Milwaukee, Wisconsin 53202

Phone: (414) 286-3321

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US Bank Line of Credit 

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.

Outstanding US BANK LINE OF CREDIT SERIES SUPPLEMENTS

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.

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