City of Milwaukee, Wisconsin

NEW ISSUES RATINGS: S&P Global Fitch BOOK ENTRY ONLY N4 Notes, B5 Bonds, T6 Notes and T7 Bonds: “AA-” “AA-” (See “Ratings” herein.) In the opinion of Katten Muchin Rosenman LLP, and of Hurtado Zimmerman SC, Bond Counsel, in connection with the issuance of the General Obligation Promissory Notes, Series 2020 N4, and the General Obligation Corporate Purpose Bonds, Series 2020 B5 (collectively, the “Tax-Exempt Obligations”) under existing law, if there is continuing compliance with certain requirements of the Internal Revenue Code of 1986, interest on the Tax-Exempt Obligations will not be includable in gross income for federal income tax purposes. The Tax-Exempt Obligations are not “private activity bonds” and the interest thereon is not required to be included as an item of tax preference for purposes of computing “alternative minimum taxable income.” Interest on the Taxable General Obligation Promissory Notes, Series 2020 T6 and the Taxable General Obligation Corporate Purpose Bonds, Series 2020 T7 (the “Taxable Obligations”) is includable in the gross income of the owners for federal income tax purposes. Interest on the Tax-Exempt Obligations and the Taxable Obligations (collectively, the “Offered Obligations”) is not exempt from Wisconsin income taxes. CITY OF MILWAUKEE, WISCONSIN $122,135,000 General Obligation Promissory Notes, Series 2020 N4 $29,845,000 General Obligation Corporate Purpose Bonds, Series 2020 B5 $9,595,000 Taxable General Obligation Promissory Notes, Series 2020 T6 $5,440,000 Taxable General Obligation Corporate Purpose Bonds, Series 2020 T7 Dated: April 20, 2020 Due: As shown herein The $122,135,000 General Obligation Promissory Notes, Series 2020 N4 (the “N4 Notes”), the $29,845,000 General Obligation Corporate Purpose Bonds, Series 2020 B5 (the “B5 Bonds”), the $9,595,000 Taxable General Obligation Promissory Notes, Series 2020 T6 (the “T6 Notes”) and the $5,440,000 Taxable General Obligation Corporate Purpose Bonds, Series 2020 T7 (the “T7 Bonds”) are direct general obligations of the City, payable from taxes levied on all taxable property, subject to taxation by the City, without limitation as to rate or amount. The N4 Notes, B5 Bonds, T6 Notes and the T7 Bonds will be dated the Dated Date, will bear interest payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2020 at the rates, and will mature on April 1, in the years and amounts, as detailed herein. The N4 Notes, B5 Bonds, T6 Notes and T7 Bonds are being issued for the purpose of financing various public improvements and fiscal requirements of the City, and for the purpose of refunding outstanding lines of credit and other debt of the City. The N4 Notes and the T6 Notes are not subject to redemption prior to maturity. The B5 Bonds and the T7 Bonds are subject to optional redemption on any date on and after April 1, 2030 as described herein. The N4 Notes, the B5 Bonds, the T6 Notes and the T7 Bonds (collectively, the “Offered Obligations”) were offered for sale by competitive bid in accordance with the Official Notices of Sale dated March 25, 2020 and other conditions specified in the Official Notices of Sale. The Offered Obligations are being issued subject to the legal opinions of Katten Muchin Rosenman LLP, Chicago, Illinois and of Hurtado Zimmerman SC, Wauwatosa, Wisconsin, Bond Counsel to the City. It is expected that the Offered Obligations will be delivered through the facilities of The Depository Trust Company (“DTC”), New York, New York on or about April 20, 2020. THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THE OFFERED OBLIGATIONS. INVESTORS MUST READ THIS ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION. For Further Information Contact: Martin Matson, Comptroller and Secretary to Public Debt Commission City Hall, Room 404, 200 East Wells Street - Milwaukee, WI 53202 - Phone (414) 286-3321 www.MilwaukeeBonds.com April 2, 2020 MATURITY SCHEDULES $122,135,000 GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2020 N4 The N4 Notes will be dated the Dated Date, will bear interest at the rates shown below, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2020 and will mature on April 1 in the years and in the amounts shown below. The N4 Notes are not subject to redemption prior to maturity. Maturing CUSIP (1) (April 1) Amount Interest Rate Yield Base 602366 2021 $14,015,000 5.00% 1.65% B96 2022 14,045,000 5.00 1.68 C20 2023 14,080,000 5.00 1.72 C38 2024 14,120,000 5.00 1.75 C46 2025 14,190,000 5.00 1.79 C53 2026 10,285,000 5.00 1.90 C61 2027 10,320,000 5.00 2.05 C79 2028 10,375,000 5.00 2.20 C87 2029 10,425,000 5.00 2.33 C95 2030 10,280,000 5.00 2.43 D29 $29,845,000 GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2020 B5 The B5 Bonds will be dated the Dated Date, will bear interest at the rates shown below, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2020 and will mature on April 1 in the years and in the amounts shown below. The B5 Bonds are subject to optional redemption on any date on and after April 1, 2030, as provided herein. Maturing CUSIP (1) (April 1) Amount Interest Rate Yield Base 602366 2031 $6,195,000 5.00% 2.53% D37 2032 6,230,000 5.00 2.63 D45 2033 6,165,000 4.00 2.98 D52 2034 5,675,000 4.00 3.03 D60 2035 5,580,000 4.00 3.08 D78 (1) The above-referenced CUSIP numbers have been assigned by an independent company not affiliated with the City and are included solely for the convenience of the holders of the Offered Obligations. The City is not responsible for the selection or uses of such CUSIP numbers, and no representation is made as to their correctness on the Offered Obligations, or as indicated above. The CUSIP number for a specific maturity is subject to change after the issuance of the Offered Obligations. MATURITY SCHEDULES-CONTINUED $9,595,000 TAXABLE GENERAL OBLIGATION PROMISSORY NOTES, SERIES 2020 T6 The T6 Notes will be dated the Dated Date, will bear interest at the rates shown below, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2020 and will mature on April 1 in the years and in the amounts shown below. The T6 Notes are not subject to redemption prior to maturity. Maturing CUSIP (1) (April 1) Amount Interest Rate Yield Base 602366 2021 $ 830,000 3.00% 1.85% D86 2022 835,000 3.00 1.90 D94 2023 845,000 3.00 1.95 E28 2024 850,000 3.00 2.05 E36 2025 1,105,000 3.00 2.20 E44 2026 1,000,000 3.00 2.30 E51 2027 1,010,000 3.00 2.40 E69 2028 1,025,000 3.00 2.50 E77 2029 1,040,000 3.00 2.60 E85 2030 1,055,000 3.00 2.70 E93 $5,440,000 TAXABLE GENERAL OBLIGATION CORPORATE PURPOSE BONDS, SERIES 2020 T7 The T7 Bonds will be dated the Dated Date, will bear interest at the rates shown below, payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2020 and will mature on April 1 in the years and in the amounts shown below. The T7 Bonds are subject to optional redemption on any date on and after April 1, 2030, as provided herein. Maturing CUSIP (1) (April 1) Amount Interest Rate Yield Base 602366 2031 $745,000 3.00% 2.80% F27 2032 755,000 3.00 2.90 F35 2033 770,000 3.00 3.00 F43 2034 770,000 3.10 3.10 F50 2035 690,000 3.15 3.15 F68 2036 340,000 3.20 3.20 F76 2037 325,000 3.25 3.25 F84 2038 335,000 3.30 3.30 F92 2039 350,000 3.35 3.35 G26 2040 360,000 3.40 3.40 G34 (1) The above-referenced CUSIP numbers have been assigned by an independent company not affiliated with the City and are included solely for the convenience of the holders of the Offered Obligations. The City is not responsible for the selection or uses of such CUSIP numbers, and no representation is made as to their correctness on the Offered Obligations, or as indicated above. The CUSIP number for a specific maturity is subject to change after the issuance of the Offered Obligations. No dealer, broker, salesperson or other person has been authorized by the City to give any information or to make any representation other than as contained in this Official Statement in connection with the sale of these securities and, if given or made, such other information or representations must not be relied upon. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities by a person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation, or sale. The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the City since the date hereof.

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