NUMB:
991447
VERS:
ORIGINAL
XXBY:
The Chair
TITL:
Resolution authorizing an appropriation of up to $6,000 from the Common Council Contingent Fund to pay for 1999 debt issuance services account costs within the Public Debt Commission operating budget. (Comptroller)
BODY:
Whereas, The adopted 1999 City Budget provided $366,985 in the Public Debt Commission's O&M Budget - Operating Expenditures (Account Number 006300-0001-2400-0001-R999-1999) for the purpose of paying City of Milwaukee debt issuance expenses based upon an estimated level of debt issuance of $215 million of Revenue Anticipation debt and $83.3 million of General Obligation debt; and
Whereas, Actual debt issuance needs of the City in 1999 significantly exceeded these budgeted levels with $215 million of Revenue Anticipation debt issued and $103.7 million of General Obligation debt issued; and
Whereas, This level of issuance resulted from a number of reasons, including the implementation of Internet bidding as well as borrowing for MPS 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 1999 Operating Expenditures 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 $6,000 from the 1999 Common Council Contingent Fund (006300-0001-9990-0001-C0001-1999) for potential transfer to the Public Debt Commission's Services Account (006300-0001-2400-0001-R999-1999), 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:
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