Number
021059
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing the issuance of short-term general obligation notes for funding the City's matching share of We Energies and Milwaukee School of Engineering Grants for the installation and study of a microturbine.
Analysis
Resolution authorizing the issuance of short-term general obligation notes under s. 67.12(12), Stats., funding the City's matching share of We Energies and Milwaukee School of Engineering Grants for the installation and study of a microturbine. The grant is in a total amount of $150,000 of which 67% ($100,000) would be Grantor funding and 33% ($50,000) 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 We Energies and Milwaukee School of Engineering Grants for the installation and study of a microturbine. The grant is in a total amount of $150,000 of which 67% ($100,000) would be Grantor funding and 33% ($50,000) 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 $50,000 to provide the City's "match" for the funding of We Energies and Milwaukee School of Engineering Grants for the installation and study of a microturbine; and, be it
Further Resolved, That said promissory notes be sold by the Commissioners of the Public Debt at a public competitive sale with bids invited from local banks or t...
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