Number
030301
Version
Substitute 1
Reference
Sponsor
THE CHAIR
Title
Substitute 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 City of Milwaukee to issue 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 2003-2004 to the payment of debt service on such notes. This resolution authorizes and directs the proper City officers to segregate state general school aid revenues payable to the School Operations Fund during June of 2004 to secure payment of the principal of the notes at maturity; pledges surplus revenues in the Debt Service Fund to pay interest on the notes at maturity; and authorizes the proper City officers to create a separate account in the Debt Service Fund in the amount of the accrued interest on the notes 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 of Milwaukee (the “City”) authorized by secs. 65.05 and 119.46, Stats., to determine its expenditures and the taxes to be levied therefor; and
Whereas, The Milwaukee Public Schools operates on a fiscal year commencing July 1, 2003 through June 30, 2004 (the “Fiscal Year”); 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...
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