Number
000893
Version
SUBSTITUTE 1
Reference
Sponsor
Title
Substitute resolution authorizing the issuance and sale of general obligation short-term promissory notes under sec. 67.12(12), Stats., for current operation costs associated with financing of the implementation of the city's global pension settlement.
Analysis
This substitute resolution authorizes the issuance and sale of general obligation short-term promissory notes for current operation costs associated with financing of the implementation of the city's global pension settlement.
Body
Whereas, The 2000 budget of the City of Milwaukee authorizes contingent borrowing in the form of general obligation bonds or notes, for any purposes not contemplated at the time the budget was adopted in the sum of $45,000,000; and
Whereas, The Common Council is desirous of issuing and selling promissory notes for current operation costs associated with financing of the implementation of the city's global pension settlement in an amount not to exceed $1,000,000; and
Whereas, Rule 15c2-12 promulgated by the United States Securities and Exchange Commission under the Securities and Exchange Act of 1934, as amended, does not permit an underwriter to purchase, after July 3, 1995, securities such as notes unless such underwriter has reasonably determined that the issuer of such securities has undertaken in a written agreement or contract for the benefit of holders of such securities to provide certain financial information or operating data on a continuing basis; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee that it hereby and herewith authorizes and declares its purpose to issue general obligation short-term promissory notes in an amount not to exceed $1,000,000 for current operation costs associated with the implementation of the city's global pension settlement; and, be it
Further Resolved, That said promissory notes be sold by the Commissioners ...
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