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File #: 020781    Version: 0
Type: Resolution Status: Passed
File created: 9/4/2002 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 9/24/2002
Effective date:    
Title: Resolution authorizing the issuance of short-term general obligation notes for funding the City's matching share of a Federal National Recreational Trails grant that will be administered through the Wisconsin Department of Natural Resources for providing improvements to the Hawthorne Glen Outdoor Educational Center. (Comptroller's Office)
Sponsors: ALD. MURPHY
Indexes: FEDERAL GRANTS, GENERAL OBLIGATION BONDS, MUNICIPAL BONDS, MUNICIPAL BORROWING, PROMISSORY NOTES, RECREATION
Attachments: 1. Fiscal Note.pdf, 2. Comptroller's Cover Letter.pdf, 3. Budget reply.PDF
Number
020781
Version
ORIGINAL
Reference
020218
Sponsor
THE CHAIR

Title
Resolution authorizing the issuance of short-term general obligation notes for funding the City's matching share of a Federal National Recreational Trails grant that will be administered through the Wisconsin Department of Natural Resources for providing improvements to the Hawthorne Glen Outdoor Educational Center. (Comptroller's Office)

Analysis
Resolution authorizing the issuance of short-term general obligation notes under s. 67.12(12), Stats., funding the City's matching share of a Federal National Recreational Trails grant that will be administered through the Wisconsin Department of Natural Resources for providing improvements to the Hawthorne Glen Outdoor Educational Center. The grant is in a total amount of $134,600 of which 50% ($67,300) would be Grantor funding and 50% ($67,300) would be City borrowed Grantee funding.

Body
Whereas, The 2002 budget of the City of Milwaukee authorizes general obligation short-term borrowing under § 67.12(12) for paying the City's share of the costs under Grant and Aid Projects; and

Whereas, The City of Milwaukee is desirous of issuing and selling short-term promissory notes for the purpose of paying its share of the Grant and Aid Project for providing the City's "match" for the funding of a Federal National Recreational Trails grant that will be administered through the Wisconsin Department of Natural Resources for providing improvements to the Hawthorne Glen Outdoor Educational Center. The grant is in a total amount of $134,600 of which 50% ($67,300) would be Grantor funding and 50% ($67,300) would be City borrowed Grantee funding; 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 pursuant to the provisions of § 67.12(12), Stats., in the amount of $67,300 to provide ...

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