NUMB:
980523
VERS:
SUBSTITUTE 2
XXBY:
TITL:
Substitute resolution authorizing a withdrawal from the Tax Stabilization Fund for 1999 budget purposes, as permitted by Section 304-29-4 c and d of the Milwaukee City Code of Ordinances.
BODY:
Whereas, For 1999 budget purposes, it is the intent of the Common Council to authorize a withdrawal in excess of that permitted by the operation of Section 304-29-4 a and b of the Milwaukee Code; and
Whereas, Such additional withdrawal is permitted, with certain restrictions, by Section 304-29-4 c and d of the Milwaukee Code; and
Whereas, The Council fully intends to comply with such restrictions in authorizing such additional withdrawal; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that for 1999 budget purposes, withdrawal from the Tax Stabilization Fund to accomplish the following policy objective is hereby authorized in accordance with Section 304-29-4 c and d of the Milwaukee Code of Ordinances:
To withdraw $12,820,000 from the Tax Stabilization Fund; and, be it
Further Resolved, That if computation of the exact dollar amount of such additional withdrawal is necessary, that such computation be made to accurately reflect the above policy intent consistent with the restrictions imposed by Section 304-29-4 c and d of the Milwaukee Code; and, be it
Further Resolved, That the Budget and Management Director is hereby directed to compute and insert the exact dollar amount of this additional withdrawal from the Tax Stabilization Fund on the appropriate line in the official budget document to implement the above policy intent; and, be it
Further Resolved, That the Budget and Management Director is authorized and directed to correct, if necessary, the amount of the withdrawal shown in the budget on the line "Tax Stabilization Fund Withdrawal" to reflect the maximum amount permitted by the cited ordinance, if the amount shown is in excess of such permitted maximum.
DFTR:
AJZ:crr
11/13/98