Number
011070
Version
ORIGINAL
Sponsor
THE CHAIR
Title
Resolution relating to the carryover of 2001 authorization for general obligation and revenue based borrowing. (Comptroller's Office)
Analysis
This resolution authorizes that certain amounts for related specific purposes as provided in the 2001 budget for general obligation or revenue based borrowing be carried over into 2002.
BODY:
Whereas, The 2001 budget contained authorization for general obligation and revenue based borrowing in the amount of $321,772,741 as detailed in the schedule made a part of this file; and
Whereas, The Common Council of the City of Milwaukee adopted resolutions authorizing the Commissioners of the Public Debt to issue in a sale or sales during 2001, amounts of general obligation and/or revenue based notes or bonds (other than refunding) in the aggregate of $146,750,000; and
Whereas, There was dropped from the City of Milwaukee 2001 budget authorization a total of $91,917,503 unutilized borrowing authority; and
Whereas, The Municipal Budget adopted November 10, 2000 for the calendar year 2001, plus additional authorizations approved by adoption of prior resolutions of intent to issue bonds or notes are included in the borrowing amounts shown in the detailed schedule appended under the caption "Carryover to 2002" and covered by the resolutions recited in the schedule that is made a part of this file; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that the sum of $104,105,238 of the 2001 Municipal Budget authorized for general obligation and revenue based borrowing ($85,492,148 covered by initial resolutions and $18,613,090 not currently covered by initial resolutions) all as detailed by amounts for specific purposes and identified as to the related specific initial resolutions of the Common Council with respect to the issuance and sale of such general obligation and revenue based bonds or notes, are in full force and eff...
Click here for full text