NUMB:
971276
VERS:
SUBSTITUTE NO. 1
REF:
961216
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing the issuance of short-term promissory notes for a project undertaken for a public purpose, to wit: to provide the Redevelopment Authority of the City of Milwaukee with grant funds to be used for funding a loan guaranty for the Boulevard Apartments Project.
ANLS:
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-Analysis-
Substitute resolution authorizing the issuance of short-term promissory notes under sec. 67.12(12), Stats., for a project undertaken for a public purpose, to-wit: to provide the Redevelopment Authority of the City of Milwaukee with grant funds to be used to provide a Loan Guaranty for the Boulevard Apartments Project.
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BODY:
Whereas, The 1998 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 $28,600,000; and
Whereas, The Common Council is desirous of issuing and selling promissory notes for a project undertaken for a public purpose, to-wit: 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 decl...
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