NUMB:
980251
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution approving an Intergovernmental Cooperation Agreement between the City and the Milwaukee Board of School Directors for the lease-purchase of MPS building improvements. (Comptroller)
ANLS:
-Analysis-
This resolution authorizes the proper City officers to enter into an Intergovernmental Cooperation Agreement with the School Board to allow the School Board to undertake building improvements required under the federal Americans with Disabilities Act. Under the Agreement, the City will obtain financing in the amount of $2,000,000 (Two Million Dollars), which will be used to allow MPS to purchase the building improvements and lease those improvements back to MPS for a rental equal to the debt service needs generated by the financing of this project. Under the agreement, the City shall issue and sell general obligation short-term promissory notes using either a competitive or negotiated debt offering.
BODY:
Whereas, The Milwaukee Board of School Directors ("Board") is desirous of undertaking certain building improvements listed on Exhibit A to the Intergovernmental Cooperation Agreement attached to this file in various Milwaukee Public Schools and to fund those improvements through the issuance and sale of general obligation short-term promissory notes by the City; and
Whereas, The City is willing, through the entry into the Intergovernmental Cooperation Agreement attached to this file, to assist the Board in its efforts to undertake the building improvements through the issuance and sale of such notes; now, therefore, be it
Resolved, That the Common Council of the City of Milwaukee hereby authorizes and directs the proper City officers to execute the Intergovernmental Cooperation Agreement attached to this file.
ZDPT:
Comptroller
DFTR:
City Atty.
#10003/TEH:kef/MPS Intergovernmental Agrmt.
5/15/98