City of Milwaukee - File #: 060281

• File #: 060281
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 6/20/2006
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 7/12/2006
• Title: Resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes under section 67.12(12), Wisconsin Statutes, of Contingent Borrowing Authority in the amount of $1,000,000 for Development Fund purposes.
• Sponsors: THE CHAIR
• Indexes: CLAIMS, MUNICIPAL BORROWING, RIVERWALKS, SUITS

Date	Ver.	Action By	Action	Result	Tally
7/20/2006	0	MAYOR	SIGNED
7/12/2006	0	COMMON COUNCIL	ADOPTED	Pass	14:0
7/10/2006	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	3:0
6/27/2006	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
6/22/2006	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
6/20/2006	0	COMMON COUNCIL	ASSIGNED TO

Number
060281
Version
Original

Reference
051694

Sponsor
THE CHAIR
Title
Resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes under section 67.12(12), Wisconsin Statutes, of Contingent Borrowing Authority in the amount of $1,000,000 for Development Fund purposes.

Analysis
This resolution authorizes the issuance and sale of $1,000,000 general obligation promissory notes under sec. 67.12(12), Stats., for paying a portion of the settlement agreement with the United States of America relating to a complaint filed under the American with Disabilities Act. Contingent Borrowing authority will be used to fund the Development Fund expenditure.

Body
Whereas, The 2006 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 $110,000,000; and

Whereas, Resolution File Number 051694 adopted on May 9, 2006 authorized $1,000,000 of development fund expenditures, to be funded by contingent borrowing, in order to pay a portion of the costs associated with settlement agreement with the United States of America relating to a complaint filed under the Americans with Disabilities Act; and

Whereas, The Common Council is desirous of issuing and selling $1,000,000 of promissory notes to provide funding for the authorized expenditure; 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 promissory notes in an amount not to exceed $1,000,000 for paying development fund expenditures; and, be it

Further Resolved, That said promissory notes be sold by the Commissioners of the Public Debt at a private sale; or public competitive sale; or to the Public Debt Amortization Fund for the purpose of investment; or to the Public Debt Amortization Fund for immediate cancellation;...