Number
021360
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing the issuance and sale of general obligation short-term promissory notes under sec. 67.12(12), Stats., for current expenses, i.e., anticipated delinquent taxes in the amount of $15,000,000. (Comptroller)
Analysis
This resolution authorizes the issuance and sale of general obligation short-term promissory notes in the amount of $15,000,000 for current expenses, i.e., anticipated delinquent taxes.
Body
Whereas, The 2003 budget of the City of Milwaukee adopted by the Common Council authorizes short-term borrowing for current expenses, i.e., anticipated delinquent taxes, in the sum of $15,000,000; and
Whereas, The Common Council is desirous of issuing and selling promissory notes for financing general City purposes for anticipated delinquent taxes; 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 of $15,000,000 for current expenses, i.e., anticipated delinquent taxes; and, be it
Further Resolved, That said promissory notes be sold by the Commissioners of the Public Debt at a private sale; or public competitive sale; or to the Public Debt Amortization Fund for the purpose of investment; or to the Public Debt Amortization Fund for immediate cancellation; and, be it
Further Resolved, That said promissory notes shall be payable periodically as determined by the Commissioners of the Public Debt within a period not to exceed ten years from the date of the issuance of said notes; and, be it
Further Resolved, That the general obligation short-term promissory notes herein authorized shall be sold by the Commissioners of the Public Debt at such times as the Commissioners shall determine to be prudent and appropriate; and, be it
Further Resolved, That the Commissioners of the Public Debt ...
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