City of Milwaukee - File #: 090777

• File #: 090777
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 10/13/2009
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 11/3/2009
• Title: Substitute resolution approving an Intergovernmental Cooperation Agreement between the City of Milwaukee and the Milwaukee Board of School Directors regarding city borrowing for school purposes pursuant to the provisions of the American Recovery and Reinvestment Act of 2009.
• Sponsors: THE CHAIR
• Indexes: AGREEMENTS, AMERICAN RECOVERY AND REINVESTMENT ACT, MILWAUKEE PUBLIC SCHOOLS, SCHOOL BOARD

Date	Ver.	Action By	Action	Result	Tally
10/13/2009	0	COMMON COUNCIL	ASSIGNED TO
10/21/2009	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
10/27/2009	1	CITY CLERK	DRAFT SUBMITTED
10/28/2009	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Individuals present: Mark Nicolini, Director, Dept. of Admin., Budget & Management Div. Michelle Nate, Chief Financial & Operations Officer, Milwaukee Public Schools Ron Vavrik, Finance Director, Milwaukee Public Schools Gina Spang, Director of Facilities & Maintenance, Milwaukee Public Schools	Pass	5:0
11/3/2009	1	COMMON COUNCIL	ADOPTED	Pass	14:0
11/12/2009	1	MAYOR	SIGNED

Number

090777

Version

SUBSTITUTE I

Reference

090555

Sponsor

The Chair

Title

Substitute resolution approving an Intergovernmental Cooperation Agreement between the City of Milwaukee and the Milwaukee Board of School Directors regarding city borrowing for school purposes pursuant to the provisions of the American Recovery and Reinvestment Act of 2009.

Body

Whereas, The American Recovery and Reinvestment Act of 2009 has provided an opportunity for the Milwaukee Public Schools (MPS) to address various capital improvement priorities through very low or zero interest rate borrowing through the Qualified School Construction Bond (QSCB) program; and

Whereas, The Board of School Directors has requested that the City approve the use of City general obligation borrowing authority to access this financing opportunity, with MPS providing full reimbursement to the City for debt service; and

Whereas, Common Council Resolution File Number 090555 authorizes the sale and issuance of the aggregate amount of $48,000,000 for school purposes ("initial intent" resolution); and

Whereas, This initial intent resolution provided that appropriate City officials are authorized and directed to execute, on behalf of the City, an Intergovernmental Cooperation Agreement with the Board of Milwaukee School Directors, as a condition to such borrowing; and

Whereas, Said Intergovernmental Cooperation Agreement protects the City's financial interests and is included as an attachment to this file; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the Intergovernmental Cooperation Agreement which is included as an attachment to this file is hereby approved; and, be it

Further Resolved, That the proper City officials are hereby authorized and directed to take the appropriate actions for the issuance of general obligation borrowing for school purposes in the amount of $48,000,000, pending approval of this Intergovernmental Agreement by the Board of Milwaukee School Directors.

Requestor

DOA Budget & Management Division

Drafter

Ref: 090555

October 26, 2009

I:\FINANCE\Resolutions\090777-iga-qscb.rtf