City of Milwaukee - File #: 041193

• File #: 041193
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 12/21/2004
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 2/1/2005
• Title: Substitute resolution relating to issuance and sale of general obligation bonds in the aggregate amount of $20,000,000 for paying project costs in accordance with project plans for tax incremental districts under s. 66.1105. (Comptroller)
• Sponsors: THE CHAIR
• Indexes: GENERAL OBLIGATION BONDS, TAX INCREMENTAL DISTRICTS

Date	Ver.	Action By	Action	Result	Tally
2/14/2005	2	CITY CLERK	PUBLISHED
2/8/2005	2	MAYOR	SIGNED
2/1/2005	2	CITY CLERK	DRAFT SUBMITTED
2/1/2005	1	FINANCE & PERSONNEL COMMITTEE	AMENDED; Minutes note: Ald. Davis moved to amend by adding the following Further Resolved Clause: "Further Resolved, That in light of TID #48-Park East expenditures necessitating action as directed by this resolution, the comptroller is requested to perform an audit of all expenditures to-date relating to TID #48 and the city's portion of those total expenditures." Prevailed.	Pass	5:0
2/1/2005	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Speakers: Mike Daun, Comptrollers Office Jeff Mantes, Director of Dept. of Public Works	Pass	4:1
2/1/2005	2	COMMON COUNCIL	ADOPTED	Pass	9:6
1/26/2005	1	FINANCE & PERSONNEL COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	5:0
1/24/2005	1	CITY CLERK	DRAFT SUBMITTED
1/18/2005	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
1/18/2005	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
1/4/2005		FINANCE & PERSONNEL COMMITTEE	REFERRED TO
12/21/2004	0	COMMON COUNCIL	ASSIGNED TO

Number
041193
Version
Substitute 2
Reference

Sponsor
THE CHAIR
Title
Substitute resolution relating to issuance and sale of general obligation bonds in the aggregate amount of $20,000,000 for paying project costs in accordance with project plans for tax incremental districts under s. 66.1105. (Comptroller)
Analysis
Resolution authorizing the issuance and sale of general obligation bonds in accordance with s. 67.04, Stats., for paying project costs in accordance with project plans for tax incremental districts under s. 66.1105 in the amount of $20,000,000.

This resolution also authorizes $8 million of additional expenditures for TID #48 - Park East.
Body
Whereas, The 2005 budget of the City of Milwaukee adopted by the Common Council contemplates the issuance of general obligation bonds in the aggregate amount of $20,000,000 for paying project costs in accordance with project plans for tax incremental districts under s. 66.1105; and

Whereas, $8 million of additional expenditures for TID #48 - Park East will be posted for the 2004 year end against reimbursement accounts that the City no longer anticipates receiving; and

Whereas, The $8 million of TID #48 additional expenditures and capitalized interest need to be charged against a funded account; 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 and sell general obligation bonds in the aggregate amount of $20,000,000 for paying project costs in accordance with project plans for tax incremental districts under s. 66.1105; and, be it

Further Resolved, That the Common Council authorizes, to the extent that unallocated funds are available in the Parent TID account, an additional $8,000,000 for TID #48 expenditures to be applied at the discretion of the Comptroller; and, be it

Further Resolved, That in light of TID #48-Park East expenditures necessitating action as directed by ...