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File #: 021582    Version: 0
Type: Resolution Status: Passed
File created: 2/11/2003 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 3/4/2003
Effective date:    
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)
Sponsors: THE CHAIR
Indexes: FEDERAL GRANTS, GENERAL OBLIGATION BONDS
Attachments: 1. Comptroller's Cover Letter.pdf, 2. Fiscal Note.pdf, 3. Budget reply.PDF, 4. Fiscal review analysis.pdf
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...

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