Number
021361
Version
Substitute 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance and sale of general obligation promissory notes under sec. 67.12(12), Stats., for paying a general and current municipal expense associated with the Remission of Taxes Account.
Analysis
This resolution authorizes the issuance and sale of $2,000,000 general obligation short-term promissory notes under sec. 67.12(12), Stats., for paying a general and current municipal expense associated with the Remission of Taxes Account.
This resolution also requires the cancellation of taxes because of Board of Review reductions in assessments on certain parcels, the issuance of checks to the City Treasurer or taxpayer as applicable, and the proper reductions of State Tax Credits by journal entries.
Body
Whereas. The 2003 budget of the City of Milwaukee authorizes contingent borrowing in the form of general obligation bonds or notes, for any purposes not contemplated at the time the budget was adopted in the sum of $30,000,000; and
Whereas, The Common Council is desirous of issuing and selling $2,000,000 of promissory notes for 2002 operation costs associated with paying the remission of taxes; and
Whereas, Rule 15c2-12 promulgated by the United States Securities and Exchange & Commission under the Securities and Exchange Act of 1934, as amended, does not permit an underwriter to purchase, after July 3, 1995, securities such as notes unless such underwriter has reasonably determined that the issuer of such securities has undertaken in a written agreement or contract for the benefit of holders of such securities to provide certain financial information or operating data on a continuing basis; and
Whereas, Assessments were made against certain parcels of real estate for the years 1994, 1995, 1996,1997, 1998, 1999, 2000 & 2001 as contained in the exhibit attached to this file ("Exhibit"); and
Whereas, The Board of Review has d...
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