City of Milwaukee - File #: 031598

• File #: 031598
• Version: 1
• Type: Resolution
• Status: Placed On File
• File created: 3/2/2004
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 7/27/2004
• 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 $6,000,000 and for funding the City's matching share of a Wisconsin Department of Transportation streetscape enhancement grant for Kinnickinnic Avenue between Becher and Morgan in the amount not to exceed $103,330.
• Sponsors: THE CHAIR
• Indexes: MUNICIPAL BORROWING, PROMISSORY NOTES, STREET IMPROVEMENTS, WISCONSIN DEPARTMENT OF TRANSPORTATION

Date	Ver.	Action By	Action	Result	Tally
12/17/2013	0	COMMON COUNCIL	ASSIGNED TO
12/17/2013	0	COMMON COUNCIL	HEARING NOTICES SENT
7/27/2004	1	COMMON COUNCIL	PLACED ON FILE	Pass	15:0
7/21/2004	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR PLACING ON FILE	Pass	4:0
3/17/2004	1	FINANCE & PERSONNEL COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	5:0
3/12/2004	1	CITY CLERK	DRAFT SUBMITTED
3/9/2004	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
3/4/2004		FINANCE & PERSONNEL COMMITTEE	REFERRED TO

Number
031598

Version
Substitute

Reference
991676, 031396, 031471

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 $6,000,000 and for funding the City's matching share of a Wisconsin Department of Transportation streetscape enhancement grant for Kinnickinnic Avenue between Becher and Morgan in the amount not to exceed $103,330.

Analysis
This resolution contemplated contingent borrowing in an amount not to exceed $6,000,000 to finance 2003 unanticipated shortfall in operating expenses. To date, no additional shortfalls have been identified that are not covered by Resolution 031471. This substitute resolution removes the authorization to borrow for unanticipated shortfalls.

This resolution also authorizes the issuance of short-term general obligation notes under sec. 67.12(12), Stats., for a public purpose, to-wit: funding the City's matching share of a Wisconsin Department of Transportation streetscape enhancement grant for Kinnickinnic Avenue between Becher and Morgan in the total amount of $1,231,650 of which 80% ($985,320) is grantor funding and 20% ($246,330) is City borrowed grantee funding. $143,000 of the $246,330 was issued pursuant to Resolution File Number 991676 adopted on 2/29/2000, which has now expired. This resolution reauthorizes the remaining $103,330.

Body
Whereas, There were unanticipated expenses incurred for fiscal year 2003; and

Whereas, Common Council file number 031471 is sufficient to provide for unanticipated expenses identified to date; and

Whereas, The 2004 budget of the City of Milwaukee authorizes general obligation short-term borrowing under § 67.12(12) for a public purpose, to-wit: paying the City's share of the costs under Grant and Aid Projects; and

Whereas, The City of Milwauke...