NUMB:
000325
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute ordinance relating to unclaimed funds in the city's debt service account.
SECS:
304-18 cr
ANLS:
- Analysis -
Section 66.28, Wis. Stats., provides that the city may dispose of any personal property which has been abandoned or remains unclaimed by any means determined to be in the best interest of the city. Any means of disposal other than by public auction, however, must be specified by ordinance. This ordinance provides that funds deposited to the city's debt service account for the payment of bearer debt obligations following maturity be transferred to the city general fund if they remain unclaimed for a period of 6 or more years following the debt maturity date.
BODY:
The Mayor and Common Council of the City of Milwaukee do ordain as follows:
Part 1. Section 304-18 of the code is created to read:
304-18. Unclaimed Principal and Interest on Bearer Debt. If funds deposited to the city's debt service account for the payment of city bearer debt obligations remain unclaimed for a period of 6 years following the debt maturity date, such funds shall be transferred by the comptroller to the city's general fund.
LRB:
APPROVED AS TO FORM
_________________________________
Legislative Reference Bureau
Date: ___________________________
CATT:
IT IS OUR OPINION THAT THE ORDINANCE
IS LEGAL AND ENFORCEABLE
_________________________________
Office of the City Attorney
Date: ____________________________
ZDPT:
City Comptroller
DFTR:
City Atty.
05/12/2000/THE.kef
30511
00281
jro
06/14/00