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File #: 150131    Version: 0
Type: Charter Ordinance Status: Passed
File created: 5/12/2015 In control: COMMON COUNCIL
On agenda: Final action: 11/2/2015
Effective date: 1/18/2016    
Title: A charter ordinance relating to the form of bonds issued by the city.
Sponsors: THE CHAIR
Attachments: 1. Cover Letter, 2. Hearing Notice List, 3. Notice Published on 11-18-15

Number

150131

Version

ORIGINAL

Reference

 

Sponsor

THE CHAIR

Title

A charter ordinance relating to the form of bonds issued by the city.

Sections

15-04                                          am

Analysis

This charter ordinance eliminates the requirement for bonds issued by the city to bear the signatures of the commissioners of public debt.  It also eliminates the requirement that every bond shall have plainly engraved or printed in figures on some convenient place thereon, a statement of the value of taxable property therein as equalized for state purposes for the last year available, and also of the principal sum of the bonded debt of the city issued and yet outstanding -- exclusive of bonds issued to railroad companies -- including the issue of which the bonds bearing these statements are a part.

Body

The Mayor and Common Council of the City of Milwaukee do ordain as follows:

 

Part 1. Section 15-04 of the charter is amended to read:

 

15-04. Bonds: Form.  All bonds hereafter issued by cities of the first class, whether organized under general or special charter, shall be numbered consecutively, shall be signed by the >>city<< clerk and the mayor [[,]] >>and<< countersigned by the comptroller [[, and shall be attested by the commissioners of public debt of said city]] . The signatures of the mayor, comptroller and [[the]] >>city<< clerk may be manual or imprinted facsimile signatures except that at least one of these signatures shall be a manual signature unless the city has contracted with a fiscal agent to authenticate the bonds. [[The signatures of the commissioners of public debt shall be imprinted facsimile signatures.]]  Each [[and every]] bond issued shall show on its face for what purpose and by what authority it was issued [[, and shall have plainly engraved or printed in figures on some convenient place thereon, a statement of the value of taxable property therein as equalized for state purposes for the last year available, and also of the principal sum of the bonded debt of any such city issued and yet outstanding--exclusive of bonds heretofore issued by cities of the first class to railroad companies--including the issue of which the bonds bearing such statements shall be a part]] .  The common council may by ordinance or resolution determine the type or form of bond blank which is used and the method by which it shall be procured.

 

Part 2.  This is a charter ordinance and shall take effect 60 days after its passage and publication, unless within such 60 days a referendum petition is filed as provided in s. 66.0101(5), Wis. Stats., in which event this ordinance shall not take effect until submitted to a referendum and approved by a majority of the electors voting thereon.

LRB

APPROVED AS TO FORM

 

 

______________________

Legislative Reference Bureau

Date:______________________

Attorney

IT IS OUR OPINION THAT THE ORDINANCE

IS LEGAL AND ENFORCEABLE

 

 

_____________________________

Office of the City Attorney

Date:________________________

Requestor

Comptroller

Drafter

LRB158196-1

Jeff Osterman

05/05/2015