Number
070246
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing contingent borrowing authority, and the sale and issuance of general obligation notes in order to provide for the budget of a department authorized to determine its expenditures.
Analysis
This resolution authorizes the sale of $9,137,066 of General Obligation Notes using Contingent Borrowing Authority, in order to provide funds for the School Operations Fund of the Milwaukee Public Schools.
Body
Whereas, Milwaukee Public Schools (MPS) is a department of the City that is authorized by State Statutes to determine its expenditures; and
Whereas, The Common Council is desirous of issuing and selling up to $9,137,066 of promissory notes in order to provide the funding requested by MPS; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Commissioners of the Public Debt are authorized to sell and issue general obligation short-term promissory notes under s. 67.12(12), Wis. Stats., in an amount not to exceed $9,137,066 for the purpose of providing funds to Milwaukee Public Schools for its School Operations Fund; and, be it
Further Resolved, That said promissory notes shall be issued pursuant to amounts provided for in the City’s 2007 Budget for Contingent Borrowing; and, be it
Further Resolved, That said promissory notes be sold by the Commissioners of the Public Debt at a private sale; or public competitive sale; or to the Public Debt Amortization Fund for the purpose of investment; or to the Public Debt Amortization Fund for immediate cancellation; and, be it
Further Resolved, That the promissory notes shall be issued on or before December 31, 2010, shall be sold by the Commissioners of the Public Debt at such times as the Commissioners shall determine to be prudent and appropriate, shall be sold at a price of not less par plus accrued Interest thereon, and shall be payable periodically as determined by the Commi...
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