NUMB:
991865
VERS:
SUBSTITUTE 2
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution relating to the issuance and sale of general obligation short-term promissory notes under sec. 67.12(12) Stats., for a public purpose, to-wit: for financing of prior and current year unbilled accounts receivable in an amount not to exceed $1,700,000.
ANLS:
This substitute resolution:
1.) Authorizes the issuance of short-term general obligation notes under sec. 67.12(12), Stats., for a public purpose, to-wit: for financing of prior and current year unbilled accounts receivable in an amount not to exceed $1,700,000.
2.) Directs the Comptroller to engage an accounting firm to conduct an independent audit of the DPW - Buildings & Fleet Division and the Reimbursable Services Advance Fund.
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 in the sum of $45,000,000; and
Whereas, The Common Council is desirous of issuing and selling promissory notes for a current municipal expense, to-wit; for financing of prior and current year unbilled accounts receivable in an amount not to exceed $1,700,000; 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 an amoun...
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