Number
041709
Version
ORIGINAL
Reference
001171, 001809, 001655, 020059, 001842, 041046
Sponsor
THE CHAIR
Title
Resolution authorizing the issuance of short-term general obligation notes for funding the City's cash match share of a Wisconsin Department of Transportation streetscape enhancement grant along West Fond du Lac Avenue between North 19th Street and North 36th Street. (Comptroller)
Analysis
Resolution authorizing the issuance of short-term general obligation notes under s. 67.12(12), Stats., funding the City's cash match share of a Wisconsin Department of Transportation streetscape enhancement grant along West Fond du Lac Avenue between North 19th Street and North 36th Street. The grant is in a total amount of $1,000,000 of which 80% ($800,000) would be Grantor funding and 20% ($200,000) would be City borrowed Grantee funding. CCFN 001842 has previously authorized $8,000 of the $200,000 City Match. This resolution authorizes the remaining City Match.
Body
Whereas, The 2005 budget of the City of Milwaukee authorizes general obligation short-term borrowing under § 67.12(12), Stats., for paying the City's share of the costs under Grant and Aid Projects; and
Whereas, Resolution File Number 041046 authorizes $3,800,000 of borrowing for Grand and Aid Projects; and
Whereas, In Resolution File Numbers 001171, 001809, 001655 and 020059, the City has authorized various projects pursuant to a Wisconsin Department of Transportation streetscape enhancement grant along West Fond du Lac Avenue between North 19th Street and North 36th Street; and
Whereas, The City is desirous of issuing and selling short-term promissory notes for the purpose of paying its share of the Grant and Aid Project for providing the City's "match" for the funding of a Wisconsin Department of Transportation streetscape enhancement grant along West Fond du Lac Avenue between North 19th Street and North 36th Street. The grant is in a total amount of $1,000,000 of which 80% ($800,000) would be Grantor funding and 20% ($200,000) would be City borrowed Grantee funding; and
Whereas, In Resolution File Number 001842, the City has authorized $8,000 of borrowing towards the $200,000 City borrowed Grantee funding; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby and herewith authorizes and declares its purpose to issue general obligation short-term promissory notes pursuant to the provisions of § 67.12(12), Stats., in the amount of $192,000 to provide the remaining portion of the City's "match" for the funding of a Wisconsin Department of Transportation streetscape enhancement grant for public improvements; and, be it
Further Resolved, That until such time as the notes are sold that unencumbered funds of the Capital Fund not exceeding $192,000 are to be used to finance this project; and, be it
Further Resolved, That upon the sale of the notes, the funds heretofore advanced from the Capital Fund shall be repaid out of the proceeds of such notes sale; and, be it
Further Resolved, That the $3,800,000 general obligation corporate purpose notes for Grant and Aid Projects authorized by Resolution File Number 041046 shall include the general obligation short-term promissory notes authorized by this resolution.
Requestor
Comptroller
Drafter
RSL
April 5, 2005
PD-6964aW.doc