NUMB:
971742
VERS:
SUBSTITUTE 1
REF:
971737
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing the issuance of short-term general obligation notes for expansion of City of Milwaukee Lincoln Yards Tow Lot.
ANLS:
-Analysis-
This resolution authorizes the issuance of general obligation short-term promissory notes under sec. 67.12(12), Stats., for the public purpose of expansion of City of Milwaukee Lincoln Yards Tow Lot, in the amount of $3,800,000.
BODY:
Whereas, The 1998 budget of the City of Milwaukee authorizes contingent borrowing in the form of general obligation bonds or notes for any public purpose not contemplated at the time the budget was adopted, in the sum of $28,600,000; and
Whereas, The Common Council is desirous of issuing and selling short-term promissory notes for the public purpose of expansion of City of Milwaukee Lincoln Yards Tow Lot; 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 the amount of $3,800,000 for the public purpose of expansion of City of Milwaukee Lincoln Yards Tow Lot; and, be it
Further Resolved, That said promissory notes be sold by the Commissioners of the Public Debt at 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 with interest 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 until such time as the notes are sold that unencumbered funds of the Capital Fund not exceeding $3,800,000 are to be used to finance this project; and, be it
Further Resolved, T...
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