Number
230412
Version
SUBSTITUTE 1
Reference
231078
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance of general obligation notes to pay a general and current municipal expense associated with anticipated grant funding for the Republican National Convention in 2024.
Analysis
The city anticipates receiving up to a $75 million in grant funding from the federal government for security related services supporting the 2024 Republican National Convention.
Body
Whereas, The budget for the fiscal year 2024 (the “Fiscal Year”) of the City of Milwaukee authorizes contingent borrowing in the form of general obligation bonds or notes, for any purposes not contemplated at the time the budget was adopted in the amount of $200,000,000; and
Whereas, Section 67.12(12), Wis. Stats., authorizes the issuance of general obligation notes for the purpose of paying a general and current municipal expense, such as expenses associated with the 2024 Republican National convention; and
Whereas, the city anticipates that grant funds will be approved to fund the City’s security obligations of the 2024 Republican National Convention but such funds have not yet been awarded to the City; and the City needs up to $75,000,000 to begin incurring expenditures pending award of the grant funds; and
Whereas, The Common Council is desirous of issuing and selling up to $75,000,000 of promissory notes for 2024 Republican National Convention costs in the event federal grants are not received as anticipated; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Commissioners of the Public Debt are authorized to sell and issue general obligation promissory notes under s. 67.12(12), Wis. Stats., in an amount not to exceed $75,000,000 for the purpose of funding expenditures of anticipated grants related to the 2024 Republican National Convention; and, be it
Further Resolved, That said promissory notes shall be issued pursuant to amounts provided for in the Fiscal Year’s budget for Contingent Borrowing, and authorized purpose for notes pursuant to file 231256, and such notes may be issued for liquidity purposes as Direct Loan Notes pursuant to files 180864, 210940, and 221095.
Requestor
Budget and Management Division
Drafter
BJR/AJF
December 7, 2023
RNC/Resolutions/RNCcontborrRes.RTF