City of Milwaukee - File #: 231125

• File #: 231125
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/21/2023
• In control: COMMON COUNCIL
• Final action: 12/12/2023
• Title: Substitute resolution authorizing the sale and issuance of General Obligation Promissory Notes for up to $5 million of contingent borrowing for excess 2023 expenditures.
• Sponsors: THE CHAIR
• Indexes: GENERAL OBLIGATION BONDS

Date	Ver.	Action By	Action	Result	Tally
12/13/2023	1	MAYOR	SIGNED
12/12/2023	1	COMMON COUNCIL	ADOPTED	Pass	15:0
12/6/2023	1	FINANCE & PERSONNEL COMMITTEE	AMENDED; Minutes note: Appearing: Joshua Benson, Comptroller's Office Ald. Murphy moved to amend the file to add a Further Resolve Clause to require the Comptroller's Office to report back to the Finance and Personnel Committee on the usage of the contingent borrowing.	Pass	5:0
12/6/2023	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
12/1/2023	1	CITY CLERK	DRAFT SUBMITTED
11/21/2023	0	COMMON COUNCIL	ASSIGNED TO

Number

231125

Version

SUBSTITUTE 1

Reference

Sponsor

THE CHAIR

Title

Substitute resolution authorizing the sale and issuance of General Obligation Promissory Notes for up to $5 million of contingent borrowing for excess 2023 expenditures.

Analysis

This resolution authorizes contingent borrowing in an amount not to exceed $5,000,000 to finance 2023 unanticipated expenditures.

Body

Whereas, There were unanticipated expenses incurred for fiscal year 2023 relating to snow removal and other purposes; and

Whereas, The 2023 Budget authorizes $200,000,000 of borrowing for contingent purposes; and

Whereas, The Common Council is desirous of using 2023 contingent borrowing for issuing and selling promissory notes pursuant to sec. 67.12(12), Stats. for the purpose of general and current municipal expenses for financing 2023 unanticipated expenditures; and

Whereas, The Common Council desires that these notes be permitted to be issued with the Corporate Purpose Notes authorized by Resolution File Number 221259; 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 use 2023 contingent borrowing purposes to issue general obligation short-term promissory notes pursuant to the provisions of sec. 67.12(12), Stats., in an amount not to exceed $5,000,000 for the purposes of general and current municipal expenses: to finance unanticipated 2023 expenditures; and, be it

Further Resolved, The notes may be issued as an authorized purpose for Contingent Borrowing as provided for in Resolution File Number 221259; and, be it

Further Resolved; That the Comptroller is authorized and directed to establish necessary accounts, accounting procedures, and to make appropriate transfers as necessary to carry out the intent of this resolution; and, be it

Further Resolved; By the Common Council of the City of Milwaukee, that the Comptroller's Office shall report to the Common Council regarding the usage of the contingent borrowing.

Requestor

Budget Office

Drafter

Bryan Rynders

DOA-Budget and Management Division

December 1, 2023

I:\\Budget\2023Budget\Closeout\231125 resolution

Amended

Chris Lee

12/6/2023