Number
021588
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing issuance of short-term promissory notes (revenue anticipation notes) for the purpose of financing the operating budget on an interim basis. (Comptroller)
Analysis
Resolution authorizing short-term promissory notes (revenue anticipation notes) under s. 67.12(1), Stats., for the purpose of financing the City's operating budget on an interim basis.
Body
Whereas, s. 67.12(1), Wis. Stats., authorizes any municipality entitled to receive deferred payments from the State to issue municipal obligations in an amount not to exceed 60% of the total actual and anticipated receipt of deferred payments in the fiscal year; and
Whereas, Pursuant to s. 79.02, Wis. Stats., the City of Milwaukee is anticipating receipt of shared revenue payments from the State of Wisconsin in 2003 (the "Budget Year") the amounts of $45,478,150 and $204,442,850 in the months of July and November, respectively, of the Budget Year; and
Whereas, The foregoing amounts represent 45% of the City's General Fund operating revenue for the Budget Year; and
Whereas, Operating expenditures are incurred on a uniform basis throughout the year; and
Whereas; The City must finance the operating budget on an interim basis between now and the receipt of State shared revenue payments in July and November of the Budget Year; and
Whereas, The City is interested in borrowing to finance the operating budget on an interim basis and pledges the anticipated revenue included in the budget for the Budget Year due and not yet paid as security for repayment of such obligations; 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 short-term promissory notes pursuant to the provisions of s. 67.12(1), Wis. Stats., in an amount not to exceed $125,000,000 for the purpose of financing the operating budge...
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