City of Milwaukee - File #: 020219

• File #: 020219
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 5/14/2002
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 6/4/2002
• Title: Resolution authorizing issuance of short-term promissory notes under sec. 67.12(1), Stats., for the purpose of financing the operating budget of the Milwaukee Public Schools on an interim basis. (Comptroller's Office)
• Sponsors: THE CHAIR
• Indexes: BUDGET, MILWAUKEE PUBLIC SCHOOLS, MUNICIPAL BORROWING, PROMISSORY NOTES

Date	Ver.	Action By	Action	Result	Tally
6/13/2002	0	MAYOR	SIGNED
6/4/2002	0	COMMON COUNCIL	ADOPTED	Pass	17:0
5/31/2002	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
5/22/2002	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
5/21/2002	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
5/15/2002		FINANCE & PERSONNEL COMMITTEE	REFERRED TO
5/14/2002	0	COMMON COUNCIL	ASSIGNED TO

Number
020219
Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
Resolution authorizing issuance of short-term promissory notes under sec. 67.12(1), Stats., for the purpose of financing the operating budget of the Milwaukee Public Schools on an interim basis. (Comptroller's Office)

Analysis
This resolution authorizes the issuance of City of Milwaukee short-term promissory notes under sec. 67.12(1), Stats., for the purpose of financing the operating budget of the Milwaukee Public Schools on an interim basis. The resolution pledges revenues payable to the School Operations Fund during fiscal year 2002-2003 to the payment of debt service on such notes. This resolution authorizes and directs the proper City officers to segregate general aid revenues payable to the School Operations Fund during June of 2003 to secure payment of the principal obligation on the notes upon maturity. This resolution pledges surplus revenues in the Debt Service Fund to payment of accrued interest upon maturity, and authorizes the proper City officers to create a separate account in the Debt Service Account in the amount of the accrued interest to maturity for the purpose of paying the interest on the notes upon maturity. Finally, this resolution authorizes the proper City officers to deposit with a trustee an amount sufficient together with earnings thereon to pay the principal and interest due on such notes at maturity.

Body
Whereas, The Milwaukee Public Schools is a department of the City authorized by secs. 65.05 and 119.46, Stats., to determine its expenditures and the taxes to be levied therefore; and

Whereas, The Milwaukee Public Schools operates on a fiscal year commencing July 1, 2002 through June 30, 2003; and

Whereas, Section 119.46, Stats., establishes a School Operations Fund and authorizes the Milwaukee Public Schools to establish the amount of money therefor required for the ensuing school year and the amount of property tax to be levie...