City of Milwaukee - File #: 001381

• File #: 001381
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 1/16/2001
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 2/6/2001
• Title: Substitute resolution relating to the issuance and sale of short-term general obligation promissory notes under sec. 67.12(12), Stats. for financing current year unanticipated shortfall in operating expenses in an amount not to exceed $20,000,000.
• Indexes: GENERAL OBLIGATION BONDS, MUNICIPAL BORROWING, PROMISSORY NOTES

Date	Ver.	Action By	Action	Result	Tally
2/12/2001	1	MAYOR	SIGNED
2/6/2001	1	COMMON COUNCIL	ADOPTED	Pass	16:0
1/31/2001	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Amend title. Prevailed.	Pass	4:0
1/30/2001	1	CITY CLERK	DRAFT SUBMITTED
1/22/2001	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
1/17/2001		FINANCE & PERSONNEL COMMITTEE	REFERRED TO
1/16/2001	0	COMMON COUNCIL	ASSIGNED TO

Number
001381
Version
SUBSTITUTE 1
Reference

Sponsor
THE CHAIR
Title
Substitute resolution relating to the issuance and sale of short-term general obligation promissory notes under sec. 67.12(12), Stats. for financing current year unanticipated shortfall in operating expenses in an amount not to exceed $20,000,000.
Analysis
This substitute resolution authorizes emergency borrowing in an amount not to exceed $20,000,000 to finance current year unanticipated shortfalls in operating expenses.
Body
Whereas, There were unanticipated expenses incurred for fiscal year 2000; and

Whereas, There is no borrowing authority in the 2001 budget to finance shortfalls in operating expenses; and

Whereas, Sec. 18-06-9 of the charter authorizes the city to borrow in the absence of authority in the budget only in the case of great emergency when necessary, to protect the public health and safety and only when authorized by the Common Council by a three-fourths vote of all alderman; and

Whereas, The Common Council hereby determines that the unanticipated shortfall in expenses in the operating budget of the city of Milwaukee for year 2000, the issue referred to poses a matter of great emergency and the Common Council of the City of Milwaukee further determines that borrowing by the city to finance such unanticipated shortfall in operating expenses is necessary to protect the public health and safety; and

Whereas, The Common Council is desirous of issuing and selling promissory notes pursuant to sec. 67.12(12), Stats. for the purpose of general and current municipal expenses for financing current year unanticipated shortfalls in operating expenses; 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 pursuant to the provisions of sec. 67.12(12), Stats., in an amount not to exceed $20,000,000 for the purp...