NUMB:
981387
VERS:
SUBSTITUTE 1
XXBY:
The Chair
TITL:
Substitute resolution authorizing an appropriation of up to $28,500 from the Common Council Contingent Fund to pay for 1998 debt issuance services account costs within the Public Debt Commission operating budget.
BODY:
Whereas, The adopted 1998 City Budget provided $346,055 in the Public Debt Commission's O&M Budget - Service Account (Account Number 01-240-6300) for the purpose of paying City of Milwaukee debt issuance expenses based upon an estimated level of debt issuance of $200 million of Revenue Anticipation debt and $85 million of General Obligation debt; and
Whereas, Actual debt issuance needs of the City in 1998 significantly exceeded these budgeted levels with $205 million of Revenue Anticipation debt issued and $139 million of General Obligation debt issued; and
Whereas, This level of issuance resulted from a number of reasons, including the settlement of legal suits as well as borrowing for capital purposes at levels higher than anticipated; and
Whereas, This level of issuance caused expenses in excess of funds available to pay for such debt issuance; and
Whereas, The Public Debt Commission's 1998 O&M Budget has certain unused funds to contribute, but not in the total amount required to make up this funding need; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the City Comptroller is authorized and directed to reserve up to $28,500 from the 1998 Common Council Contingent Fund (09-910-8000) for potential transfer to the Public Debt Commission's Services Account (01-240-6300), and to transfer the reserved funds on an as-needed basis; and, be it
Further Resolved, That the Public Debt Commission is authorized to expend the appropriated funds in accordance with the purposes of its Services Account - Debt Issuance Expenses.
ZDPT:
DFTR:
Comptroller
WMM:RS:glk
12/18/99
REF: PD-4493W.DOC