NUMB:
970366
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution authorizing issuance of short-term promissory notes under sec. 67.12(1), Stats., for the purpose of financing the operating budget of the Milwaukee Public Schools on an interim basis.
ANLS:
_____________________________________________
-Analysis-
This resolution authorizes the issuance of City of Milwaukee short-term promissory notes under sec. 67.12(1), Stats., for the purpose of financing the operating budget of the Milwaukee Public Schools on an interim basis. The resolution pledges revenues payable to the School Operations Fund during fiscal year 1997-1998 to the payment of debt service on such notes. This resolution authorizes and directs the proper City officers to segregate general aid revenues payable to the School Operations Fund during June of 1998 to secure payment of the principal obligation on the notes upon maturity. This resolution pledges surplus revenues in the Debt Service Fund to payment of accrued interest upon maturity, and authorizes the proper City officers to create a separate account in the Debt Service Account in the amount of the accrued interest to maturity for the purpose of paying the interest on the notes upon maturity. Finally, this resolution authorizes the proper City officers to deposit with a trustee an amount sufficient together with earnings thereon to pay the principal and interest due on such notes at maturity. _____________________________________________
BODY:
Whereas, The Milwaukee Public Schools is a department of the City authorized by secs. 65.05 and 119.46, Stats., to determine its expenditures and the taxes to be levied therefor; and
Whereas, The Milwaukee Public Schools operates on a fiscal year commencing July 1, 1997 through June 30, 1998; and
Whereas, Section 119.46, Stats., establishes a School Operations Fund and authorizes the Milwaukee Public Schools to establish the amount of money ...
Click here for full text