Number
021111
Version
Substitute 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing issuance of short-term promissory notes for the purpose of financing the Community Development Block Grant Fund and similar Grant budgets on an interim basis. (Comptroller)
Analysis
This resolution authorizes the issuance of revenue anticipation notes under s. 67.12(1), Wis. Stats., for interim financing of the City's Community Development Block Grant and similar Grant programs prior to the receipt of Community Development Block Grant and similar Grant funding.
Body
Whereas, The 2003 budget of the City of Milwaukee authorizes revenue anticipation borrowing in the amount of $17,300,000 in anticipation of receipt of funds, to which the City will become entitled in 2003; and
Whereas, Section 67.12(1), Wis. Stats., authorizes any municipality that becomes entitled to receive federal aid or other deferred payments in the same year it is entitled to receive the payments, to issue municipal obligations in anticipation of receiving such payments in an amount not to exceed 60% of the municipality's total, actual and anticipated receipts in that fiscal year; and
Whereas, Section 67.12(1), Wis. Stats., further provides that any municipality that issues a municipal obligation under the subsection shall adopt a resolution indicating the amount and the purpose of the obligation and the anticipated revenue to secure the obligation and may pledge or assign all or portions of the revenues due and not yet paid as security for repayment of the obligations; and
Whereas, Under the City of Milwaukee Community Block Grant Agreement for fiscal year 2003, it is anticipated that grant award funds in the amount of $21,000,000 will be approved but such funds have not been released to the City; that under the City of Milwaukee Emergency Shelter Agreement for Fiscal Year 2003, it is anticipated that funds in the amount of $785,000 will be approved but such ...
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