NUMB:
990951
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing the issuance of general obligation short-term promissory notes under § 67.12(12), Stats. for payment of contract implementation costs associated with a new Pension Management Information System.
ANLS:
This substitute resolution authorizes the issuance of short-term promissory notes under sec. 67.12(12), Stats. for projects undertaken for a public purpose, to wit: implement a new Pension Management Information System.
BODY:
Whereas, The 1999 budget of the City of Milwaukee authorizes contingent borrowing in the form of general obligation bonds or notes for any public purpose not contemplated at the time the budget was adopted, in the sum of $1,500,000; and
Whereas, The Common Council is desirous of issuing and selling promissory notes for projects undertaken for a public purpose, to wit: implement a new Pension Management Information System; and
Whereas, Rule 15c2-12 promulgated by the United States Securities and Exchange Commission under the Securities and Exchange Act of 1934, as amended, does not permit an underwriter to purchase, after July 3, 1995, securities such as notes unless such underwriter has reasonably determined that the issuer of such securities has undertaken in a written agreement or contract for the benefit of holders of such securities to provide certain financial information or operating data on a continuing basis; 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 general obligation short-term promissory notes in the amount not to exceed $1,500,000 for a public purpose, to wit: to implement a new Pension Management Information System; and, be it
Further Resolved, By the Common Council of the City of Milwaukee that it hereby and herewith authorizes and declares its purpose to issue general obligation short-term prom...
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