NUMB:
980354
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution authorizing issuance of short-term general obligation promissory notes under sec. 67.12(12), Stats., for a current expense, to-wit: payment in satisfaction of an outstanding judgment. (City Attorney)
ANLS:
-Analysis-
This resolution authorizes the issuance and sale of short-term general obligation promissory notes in the amount not to exceed $7,100,000 for a current expense, i.e., the payment of the judgment in the E.M. Ford case, in the amount of $6,497,641, plus accrued interest at the rate of 5.64% per annum from January 31, 1997.
BODY:
Whereas, The 1998 budget of the City of Milwaukee authorizes contingent borrowing in the form of general obligation bonds or notes for any public purpose not contemplated at the time the budget was adopted, in the sum of Twenty-Eight Million, Six Hundred Thousand Dollars ($28,600,000); and
Whereas, The Common Council is desirous of issuing and selling promissory notes for a current expense, to-wit: payment in satisfaction of an outstanding judgment in Cement Division, National Gypsum Company v. City of Milwaukee, U.S. District Court Case No. 80-C-1001; and
Whereas, Rule 15c2-12 promulgated by the United States Securities and Exchange Commission under the Securities and Exchange Act of 1934, as amended, does not permit an underwriter to purchase, after July 3, 1995, securities such as notes unless such underwriter has reasonably determined that the issuer of such securities has undertaken in a written agreement or contract for the benefit of holders of such securities to provide certain financial information or operating data on a continuing basis; 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 in the amount not to exceed $7,100,000 for a project undertaken for a current expense...
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