Number
250252
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance of up to $275,000,000 of school revenue anticipation notes, and a purpose for Direct Loan Notes, for the purpose of financing the operating budget of the Milwaukee Public Schools on an interim basis.
Sections
Analysis
This resolution authorizes the issuance by the City of Milwaukee (the “City”) of its school revenue anticipation notes up to the aggregate amount of $275,000,000 (the “RANs”) under Section 67.12(1), Wisconsin Statutes, for the purpose of financing the operating budget of the Milwaukee Public Schools (“MPS”) on an interim basis. This resolution pledges revenues payable to the School Operations Fund during the fiscal year to the payment of debt service on the RANs. This resolution authorizes and directs the proper City officers to segregate state general school aid revenues payable under Section 121.15, Wisconsin Statutes, to the School Operations Fund in June of the Fiscal Year (as defined herein) to secure payment of the principal of, and interest on, the RANs when due. Finally, this resolution authorizes the proper City officers to deposit with the City’s fiscal agent an amount sufficient together with earnings thereon to pay, when due, the principal of and interest on the RANs.
Body
Whereas, Milwaukee Board of School Directors (the “Board”) has determined that MPS is temporarily in need of funds in the amount not to exceed $275,000,000 to meet the immediate expenses of operating and maintaining the public instruction in MPS during its fiscal year commencing July 1, 2025 and ending June 30, 2026 (the “Fiscal Year”);
Whereas, the City deems it necessary and in the best interest of the City and MPS that funds be borrowed and RANs be issued pursuant to the provision of Section 67.12(1)(a), Wisconsin Statutes, to borrow money in anticipation of revenues for school purposes;
Whereas, the Commissioners of the City’s Publ...
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