City of Milwaukee - File #: 001081

• File #: 001081
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 11/8/2000
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 11/28/2000
• Title: Resolution authorizing the issuance of short-term promissory notes for a project undertaken for a public purpose, to provide the Redevelopment Authority of the City of Milwaukee with grant funds to be used for funding loan guaranties for the Boulevard Apartments project. (Comptroller)
• Sponsors: THE CHAIR
• Indexes: MUNICIPAL BORROWING, PROMISSORY NOTES, REDEVELOPMENT AUTHORITY

Date	Ver.	Action By	Action	Result	Tally
12/7/2000	0	MAYOR	SIGNED
11/28/2000	0	COMMON COUNCIL	ADOPTED	Pass	17:0
11/22/2000	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
11/14/2000	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
11/10/2000		FINANCE & PERSONNEL COMMITTEE	REFERRED TO
11/8/2000	0	COMMON COUNCIL	ASSIGNED TO

Number
001081
Version
ORIGINAL
Reference
991219
Sponsor
THE CHAIR
Title
Resolution authorizing the issuance of short-term promissory notes for a project undertaken for a public purpose, to provide the Redevelopment Authority of the City of Milwaukee with grant funds to be used for funding loan guaranties for the Boulevard Apartments project. (Comptroller)
Analysis
This resolution authorizes the issuance of short-term promissory notes under sec. 67.12(12), Stats., for projects undertaken for a public purpose, to provide the Redevelopment Authority of the City of Milwaukee with grant funds to be used to provide Loan Guaranties for the Boulevard Apartments project.
Body
Whereas, The 2001 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 $25,000,000; and

Whereas, The Common Council is desirous of issuing and selling promissory notes for projects undertaken for a public purpose, to provide the Redevelopment Authority of the City of Milwaukee with grant funds to be used for the Boulevard Apartments project; 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 $267,000 for a public purpose, to provide the Redevelopment...