NUMB:
000502
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing the issuance of short-term general obligation notes in the amount of $4,000,000 for the public purpose of purchase of a public parking facility.
ANLS:
This resolution authorizes the issuance of short-term general obligation notes under sec. 67.12(12), Stats., for the public purpose of financing the purchase of a public parking facility.
BODY:
Whereas, The 2000 budget 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; and
Whereas, The City of Milwaukee is desirous of issuing and selling general obligation short-term promissory notes for the public purpose of financing the purchase of a public parking facility; 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 sec. 67.12(12), Stats., in an amount not to exceed $4,000,000 for the public purpose of financing the purchase of a public parking facility; and, be it
Further Resolved, That said promissory notes be sold by the Commissioners of the Public Debt at a public or private sale, or to the Public Debt Amortization Fund for the purpose of investment; and, be it
Further Resolved, That said promissory notes with interest shall be payable periodically as determined by the Commissioners of the Public Debt within a period not to exceed 10 years from the date of the issuance of said notes; and, be it
Further Resolved, That the Common Council hereby declares that it will levy an irrepealable tax sufficient to pay each installment of principal and interest as it becomes due and payable; and, be it
Further Resolved, That said notes are not intended to be arbitrage notes and that there is no reas...
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