City of Milwaukee - File #: 011069

• File #: 011069
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 11/27/2001
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 12/21/2001
• Title: Substitute resolution authorizing the issuance and sale of general obligation short-term promissory notes under sec. 67.12(12), Stats., for buildings for the housing of machinery and equipment.
• Sponsors: THE CHAIR
• Indexes: BUDGET, GENERAL OBLIGATION BONDS, PUBLIC BUILDINGS, PUBLIC IMPROVEMENTS

Date	Ver.	Action By	Action	Result	Tally
1/7/2002	1	MAYOR	SIGNED
12/21/2001	1	COMMON COUNCIL	ADOPTED	Pass	16:0
12/19/2001	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
12/10/2001	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
12/10/2001	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
11/29/2001		FINANCE & PERSONNEL COMMITTEE	REFERRED TO
11/29/2001		FINANCE & PERSONNEL COMMITTEE	REFERRED TO
11/27/2001	0	COMMON COUNCIL	ASSIGNED TO

Number
011069
Version
SUBSTITUTE 1

Reference

Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance and sale of general obligation short-term promissory notes under sec. 67.12(12), Stats., for buildings for the housing of machinery and equipment.

Analysis
This substitute resolution authorizes the issuance and sale of general obligation short-term promissory notes under sec. 67.12(12), Stats., for financing Milwaukee Public Schools "Special Education Student Tracking System" ($5,000,000) and financing of a Milwaukee Public Schools Financial System ($4,000,000).

Body
Whereas. The 2001 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 $75,000,000; and

Whereas, The Common Council is desirous of issuing and selling promissory notes for current operation costs associated with financing Milwaukee Public Schools "Special Education Student Tracking System" ($5,000,000) and financing of a Milwaukee Public Schools Financial System ($4,000,000); 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 $9,000,000 for financing Milwaukee Public Schools "Special Education Student Tracking System" ($5,000,000) and fi...