Number
031675
Version
Substitute 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance and sale of tax and revenue anticipation notes under sec. 67.12(1), Stats. for the purpose of financing the operating budget on an interim basis in the amount not to exceed $125,000,000. (Comptroller)
Analysis
Resolution authorizing short-term notes under s. 67.12(1)(a), for the purpose of financing the City's operating budget on an interim basis.
Body
Whereas, S. 67.12(1)(a), Stats., authorizes any municipality entitled to receive state aids, taxes levied or other deferred payments to issue municipal obligations, in the same fiscal year such payments are due, in anticipation of receiving such payments in an amount not to exceed 60% of the total and actual and anticipated receipts in the fiscal year so long as such municipal obligations are repaid no later than 18 months after the first day of that fiscal year; and
Whereas, The City of Milwaukee's actual and anticipated general fund receipts for its fiscal year commencing on January 1, 2004 and ending on December 31, 2004 (the "2004 Fiscal Year") are $552,934,028 (the "Anticipated Receipts"); and
Whereas, The City of Milwaukee (the "City") is anticipating receipt of shared revenue payments of $41,032,200 and $232,515,800 from the State in the months of July and November, respectively, of the 2004 Fiscal Year pursuant to s. 79.02, Stats. (the "State Aid Payments"); and
Whereas, The City has levied property taxes for the general fund in the amount of $132,541,966 for, and due in, the 2004 Fiscal Year (the "Property Tax Levy"); and
Whereas, A portion of the Property Tax Levy is paid late and after the end of the 2004 Fiscal Year; and
Whereas, The City must pay its operating expenses as they become due throughout the 2004 Fiscal Year; and
Whereas, To meet the immediate needs of financing the operating expenses of the City, the City deems it necessary ...
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