Number
021582
Version
ORIGINAL
Reference
020781 and 021059
Sponsor
THE CHAIR
Title
Resolution authorizing the issuance of short-term general obligation notes for funding the City's matching share of: 1) a Federal National Recreational Trails grant that will be administered through the Wisconsin Department of Natural Resources for providing improvements to the Hawthorne Glen Outdoor Educational Center; and 2) We Energies and Milwaukee School of Engineering Grants for the installation and study of a microturbine. (Comptroller's Office)
Analysis
Resolution authorizing the issuance of short-term general obligation notes under s. 67.12(12), Stats., funding the City's matching share of a Federal National Recreational Trails grant that will be administered through the Wisconsin Department of Natural Resources for providing improvements to the Hawthorne Glen Outdoor Educational Center. The grant is in a total amount of $134,600 of which 50% ($67,300) would be Grantor funding and 50% ($67,300) would be City borrowed Grantee funding.
Resolution also authorizes the issuance of short-term general obligation notes under s. 67.12(12), Stats., funding the City's matching share of We Energies and Milwaukee School of Engineering Grants for the installation and study of a microturbine. The grants are in a total amount of $150,000 of which 67% ($100,000) will be Grantor funding and 33% ($50,000) will be City borrowed Grantee funding.
Body
Whereas, The 2003 budget of the City of Milwaukee authorizes general obligation short-term borrowing under ยง67.12(12) for paying the City's share of the costs under Grant and Aid Projects; and
Whereas, The City of Milwaukee is desirous of issuing and selling short-term promissory notes for the purpose of paying its share of the Grant and Aid Project for providing the City's "match" for the funding of a Federal National Recreational Trails grant that will be administered through the Wisconsin Department of Natu...
Click here for full text