NUMB:
970682
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing a payment from the 1997 Parking Fund to the Debt Service Fund to pay principal and interest for various parking projects.
ANLS:
This substitute resolution authorizes a transfer of up to $3,392,178 from the 1997 Parking Fund to the Debt Service Fund.
BODY:
Whereas, the Parking Fund payment to the Debt Service Fund must be in the Debt Service Fund prior to the upcoming budget year in order for the revenue to be recognized for the upcoming Debt Service Budget; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee That the City Comptroller be, and is hereby authorized and directed to transfer, prior to the close of the fiscal year 1997, an amount not to exceed $3,392,178, necessary to fund 1998 debt service obligations resulting from parking fund activities, from the 1997 Parking Fund to the Debt Service Fund; and, be it
Further Resolved, That this $3,392,178 payment is to be reflected in the 1998 Debt Service Budget Source of Funds section under "Revenues"; and, be it
Further Resolved, That the Comptroller be, and is hereby authorized and directed to make such accounting changes as are necessary to implement this resolution.
DFTR:
Budget and Management Division
Ref: 1998 BF, 7-E; PMW:nme
October 31, 1997
BUDGET: 98BDGTSR/970682.doc