Number
031034
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing the issuance of $14,000,000 general obligation notes pursuant to 67.12(12), Wis. Stats., to pay a general and current municipal expense associated with the Community Development Block Grant and other similar Grant programs. (Comptroller)
Analysis
This resolution authorizes the issuance of general obligation notes under s. 67.12(12), Wis. Stats., for the financing of the City's Community Development Block Grant and similar Grant programs prior to the receipt of Community Development Block Grant and similar Grant funding.
Body
Whereas, The 2004 budget of the City of Milwaukee authorizes contingent borrowing in the form of general obligation bonds or notes, for any purposes not contemplated at the time the budget was adopted in the sum of $30,000,000; and
Whereas, Section 67.12(12), Wis. Stats., authorizes the issuance of general obligation notes for the purpose of paying a general and current municipal expense, such as expenses associated with the Community Development Block Grant and other similar Grant programs; and
Whereas, For fiscal year 2004, under the City of Milwaukee Community Block Grant Agreement it is anticipated that grant award funds will be approved but such funds have not been released to the City; that under the City of Milwaukee Emergency Shelter Agreement, it is anticipated that funds will be approved but such funds have not been released to the City; that under the Housing Opportunities for Person with Aids (HOPWA) grant, it is anticipated that funds will be approved but such funds have not been released to the City; and, that under the City of Milwaukee HOME Program, it is anticipated that funds will be approved but such funds have not been released to the City; and the City needs an aggregate amount not to exceed $14,000,000 to fund the aforementioned programs pending approval and receipt of the grant funds; and
Where...
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