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File #: 130069    Version:
Type: Resolution Status: Passed
File created: 4/30/2013 In control: COMMON COUNCIL
On agenda: Final action: 5/21/2013
Effective date:    
Title: Substitute resolution authorizing the sale and issuance of general obligation promissory notes in the aggregate amount of $65,000,000 to pay a current municipal pension contribution expense.
Sponsors: THE CHAIR
Indexes: GENERAL OBLIGATION BONDS, PENSIONS
Attachments: 1. Fiscal Impact Statement, 2. Hearing Notice List, 3. Comptrollers Certfied Resolution
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
5/30/20132 MAYOR SIGNED   Action details Meeting details Not available
5/21/20132 COMMON COUNCIL ADOPTEDPass12:0 Action details Meeting details Not available
5/15/20132 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
5/15/20130 FINANCE & PERSONNEL COMMITTEE AMENDED

Minutes note: Individuals appearing: Richard Li, Comptroller's Office Larry Langer, Buck Consultants Ald. Kovac moves to amend the the resolution to add the words "up to" before "$63,000,000" in the last Further Resolved clause.
Pass5:0 Action details Meeting details Video Video
5/15/20131 FINANCE & PERSONNEL COMMITTEE RECOMMENDED FOR ADOPTIONPass5:0 Action details Meeting details Not available
5/10/20130 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
5/10/20130 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
4/30/20130 COMMON COUNCIL ASSIGNED TOFail  Action details Meeting details Not available
Number
130069

Version
Substitute 2

Reference
121149

Sponsor
THE CHAIR

Title
Substitute resolution authorizing the sale and issuance of general obligation promissory notes in the aggregate amount of $65,000,000 to pay a current municipal pension contribution expense.

Analysis
Resolution authorizes the issuance and sale of contingent borrowing for general obligation notes for current municipal expenses, in the amount up to $65,000,000 for paying liabilities incurred to the Employes’ Retirement System that is usually paid the following January.

Body
Whereas, The 2013 budget of the City of Milwaukee adopted by the Common Council contemplates the issuance of $200,000,000 of debt for contingent borrowing purposes; and

Whereas, The City desires to authorize not more than $65,000,000 of the contingent borrowing for general obligation promissory notes in the aggregate amount of not more than $65,000,000 to pay current municipal expenses due to the Employes’ Retirement System; and

Whereas, The City typically pays in January for liabilities incurred in the prior calendar year, and desires to pay that liability on a current basis, rather than in arrears, for the next several years; and

Whereas, Council File 121417 establishes policies and practices which stabilize the City’s annual expense to fund future pension costs, generating a consistent and predictable annual liability; and

Whereas, Prepayment of the calendar 2013 pension liability generates 2014 budget savings of $1.7 million, and net savings of up to $4.4 million for each year pre-paid until maturity of the note; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee that it hereby authorizes and declares its purpose to use contingent borrowing to sell and issue general obligation promissory notes in the aggregate amount of not more than $65,000,000 for the purpose of paying a current municipal pension contribution expense; and, be it

Further Resolved, That such amount ...

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