Number
071493
Version
Substitute 1
Reference
071100
Sponsor
The Chair
Title
Substitute resolution authorizing the sale and issuance of General Obligation Promissory Notes for contingent borrowing for excess 2007 expenditures.
Analysis
This substitute resolution authorizes contingent borrowing in an amount not to exceed $4,700,000 to finance 2007 unanticipated expenditures.
Body
Whereas, There were unanticipated expenses incurred for fiscal year 2007 relating to snow removal and other purposes; and
Whereas, The 2008 Budget authorizes $110,000,000 of borrowing for contingent purposes; and
Whereas, The Common Council is desirous of using 2008 contingent borrowing for issuing and selling promissory notes pursuant to sec. 67.12(12), Stats. for the purpose of general and current municipal expenses for financing 2007 unanticipated expenditures; and
Whereas, The Common Council desires that these notes be permitted to be issued with the Corporate Purpose Notes authorized by Resolution File Number 071100; 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 use 2008 contingent borrowing purposes to issue general obligation short-term promissory notes pursuant to the provisions of sec. 67.12(12), Stats., in an amount not to exceed $4,700,000 for the purposes of general and current municipal expenses: to finance unanticipated 2007 expenditures; and, be it
Further Resolved, In Resolution File Number 071100 adopted on January 15, 2008, Exhibit A is amended to add the following:
"Purpose: Contingent Borrowing: Unanticipated 2007 Expenditures
Resolution File No.: 071493
Adoption Date: <TBD>
Notes to be sold: $4,700,000"
Requestor
Comptroller
Drafter
Comptroller
RSL
PD-7386a2W.doc