NUMB:
981251
VERS:
SUBSTITUTE 1
REF:
980253
XXBY:
ALD. D'AMATO
TITL:
Substitute resolution effectuating a provision of the 1999 Adopted City Budget relative to provision of borrowing authority to Milwaukee Public Schools to be allocated to Milwaukee Technical High School.
ANLS:
- Analysis -
The Common Council, in Council File Number 980253, authorized the City to enter into an agreement with the MPS Board of School Directors under which the City agrees to issue $15 million in general obligation debt for school purposes. This resolution specifies that the $5 million borrowing authority provided in the 1999 Budget for Milwaukee Technical High School is part of the total $15 million in borrowing authority that will be allocated to the Milwaukee Tech project over the 3 budget years of 1999, 2000 and 2001.
BODY:
Whereas, The Common Council, in Council File Number 980253, adopted on July 7, 1998, authorized the City to enter into an agreement with the MPS Board of School Directors under which the City agrees to issue $15 million in general obligation debt for school purposes; and
Whereas, The 1999 City Budget authorizes $5 million in borrowing authority with a footnote stating the Common Council's intent that no less than $15 million in borrowing authority be allocated to the Milwaukee Tech project over the budget years: 1999, 2000 and 2001; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the $5 million in borrowing authority for MPS that is included in the 1999 City Budget for Milwaukee Technical High School is part of the total $15 million in borrowing authority that will be allocated to the Milwaukee Tech project over the 3 budget years of 1999, 2000 and 2001, as provided in Common Council File Number 980253.
ZDPT:
DFTR:
98482-2
CW
12/9/98