City of Milwaukee - File #: 040402

• File #: 040402
• Version: 0
• Type: Resolution
• Status: Placed On File
• File created: 7/7/2004
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 9/21/2004
• Title: Resolution reserving contingent borrowing in the 2004 Budget in an amount not to exceed $13,500,000 for financing the cost of relocating Department of Public Works facilities.
• Sponsors: THE CHAIR
• Indexes: BUDGET, CONTINGENT FUND, PUBLIC BUILDINGS

Date	Ver.	Action By	Action	Result	Tally
9/21/2004	0	COMMON COUNCIL	PLACED ON FILE	Pass	15:0
9/16/2004	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR PLACING ON FILE	Pass	5:0
7/9/2004		FINANCE & PERSONNEL COMMITTEE	REFERRED TO
7/7/2004	0	COMMON COUNCIL	ASSIGNED TO

Number

040402

Version

Original

Reference

Sponsor

THE CHAIR

Title

Resolution reserving contingent borrowing in the 2004 Budget in an amount not to exceed $13,500,000 for financing the cost of relocating Department of Public Works facilities.

Analysis

This resolution reserves contingent borrowing authority in the 2004 Budget in an amount not to exceed $13,500,000 to finance the cost of relocating DPW's  Traser Yard and other facilities.  This amount represents the balance of the estimated cost of the relocation project of $24,000,000, minus the $10,500,000 authorized in the 2004 Budget.

Body

Whereas, The Common Council has approved the relocation of Department of Public Works' Traser Yard and other facilities to a site located near 35^th St. and Vienna Ave. (the "Project"); and

Whereas, The Project is estimated to cost $24,000,000, and the Common Council has previously approved expenditures of $10,500,000 towards the Project; and

Whereas, The 2004 Budget authorizes $30,000,000 of borrowing for contingent borrowing purposes, of which $2,000,000 has been previously used; and

Whereas, The Common Council is desirous of reserving 2004 contingent borrowing authority for issuing and selling promissory notes pursuant to sec. 67.12(12), Stats., for the purpose of financing a portion of the cost of relocating Department of Public Works facilities; 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 reserve 2004 contingent borrowing authority in an amount not to exceed $13,500,000 for the purposes of financing a portion of the cost of relocating Department of Public Works facilities.

Requestor

DOA-Budget

Drafter

PJH

7/6/2004