City of Milwaukee - File #: 970611

• File #: 970611
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 7/11/1997
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 7/25/1997
• Title: Resolution approving an Intergovernmental Cooperation Agreement between the City and the Milwaukee Board of School Directors for the lease-purchase of MPS building improvements. (Comptroller)
• Sponsors: THE CHAIR
• Indexes: INTERGOVERNMENTAL AGREEMENTS, LEASES, MILWAUKEE PUBLIC SCHOOLS, PROMISSORY NOTES, PUBLIC IMPROVEMENTS

Date	Ver.	Action By	Action	Result	Tally
7/31/1997	0	MAYOR	SIGNED
7/25/1997	0	COMMON COUNCIL	Minutes note: ---To undertake bldg. improvements required under the Federal Americans with
7/23/1997	0	FINANCE & PERSONNEL COMMITTEE	Minutes note: ---to undertake bldg. improvements required under the Federal Americans with
7/21/1997	0	JUDICIARY & LEGISLATION COMMITTEE	Minutes note: ---May be referred to Finance and Personnel Committee
7/16/1997	0	JUDICIARY & LEGISLATION COMMITTEE	HEARING NOTICES SENT
7/16/1997	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/15/1997	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/11/1997	0	COMMON COUNCIL	REFERRED TO

NUMB:
970611
VERS:
ORIGINAL
REF:

XXBY:
CHAIR
TITL:
Resolution approving an Intergovernmental Cooperation Agreement between the City and the Milwaukee Board of School Directors for the lease-purchase of MPS building improvements. (Comptroller)
ANLS:
_____________________________________________

-Analysis-

This resolution authorizes the proper City officers to enter into an Intergovernmental Cooperation Agreement with the School Board to allow the School Board to undertake building improvements required under the federal Americans with Disabilities Act. Under the Agreement, the City will obtain financing in the amount of $2,000,000 (Two Million Dollars), which will be used to allow MPS to purchase the building improvements and lease those improvements back to MPS for a rental equal to the debt service needs generated by the financing of this project. Under the agreement, the method of financing shall be determined by the City through the City Comptroller, which shall either authorize a loan from the Common School Trust Fund or shall issue and sell general obligation short-term promissory notes using either a competitive or negotiated debt offering. _____________________________________________
BODY:
Whereas, The Milwaukee Board of School Directors ("Board") is desirous of undertaking certain building improvements listed on Exhibit A to the Intergovernmental Cooperation Agreement attached to this file in various Milwaukee Public Schools and to fund those improvements through either a loan from the Common School Trust Fund ("Loan") or through the issuance and sale of general obligation short-term promissory notes by the City; and

Whereas, The City is willing, through the entry into the Intergovernmental Cooperation Agreement attached to this file, to assist the Board in its efforts to undertake the building improvements and to take advantage of the ability to fund those improvements through the entry into the Loan or the issuance and...