City of Milwaukee - File #: 070331

• File #: 070331
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 5/30/2007
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 6/19/2007
• Title: Substitute resolution relating to the tax levy for the 2006-2007 School Year of the Milwaukee Public Schools.
• Sponsors: THE CHAIR
• Indexes: MILWAUKEE PUBLIC SCHOOLS, TAX LEVY

Date	Ver.	Action By	Action	Result	Tally
6/26/2007	1	MAYOR	SIGNED
6/19/2007	1	COMMON COUNCIL	ADOPTED	Pass	12:2
6/13/2007	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:1
6/12/2007	1	CITY CLERK	DRAFT SUBMITTED
6/11/2007	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
5/31/2007	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
5/31/2007	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
5/30/2007	0	COMMON COUNCIL	ASSIGNED TO

Number
070331
Version
SUBSTITUTE 1
Reference
070246
Sponsor
ALD. MURPHY
Title
Substitute resolution relating to the tax levy for the 2006-2007 School Year of the Milwaukee Public Schools.
Analysis
Common Council File Number 070246 is a resolution authorizing the City of Milwaukee’s Commissioners of the Public Debt to sell and issue general obligation short-term promissory notes in an amount not to exceed $9,137,066 for the purpose of providing funds to Milwaukee Public Schools (MPS) for its School Operations Fund, an amount that was requested by MPS but not levied by the City for 2007 budget purposes. This resolution directs the City Comptroller to submit a written proposal to the Common Council setting forth his recommendations for the payment of any costs associated with the appropriation of the $9.1 million through internal financing or external borrowing.

Body
Whereas, Common Council File Number 070246 is a resolution authorizing the City of Milwaukee’s Commissioners of the Public Debt to sell and issue general obligation short-term promissory notes in an amount not to exceed $9,137,066 for the purpose of providing funds to Milwaukee Public Schools (MPS) for its School Operations Fund, an amount that was requested by MPS but not levied by the City for 2007 budget purposes; and

Whereas, MPS has requested full payment of the $9.1 million by June 30, 2007, the close of its 2006-2007 school budget year; and

Whereas, It is in the best interest of the City of Milwaukee and its taxpayers to pay the cost of any internal financing or external borrowing of the $9.1 million in the most cost effective means possible, in order to minimize any potential impact on the funding and provision of city services; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the City Comptroller is directed to submit a written proposal to the Common Council setting forth his recommendations for the payment of any costs associated with the app...