Number
060399
Version
Original
Reference
051144, 051132, 051108
Sponsor
THE CHAIR
Title
Resolution authorizing $10,550,000 of Contingent Borrowing Authority for Tax Incremental District No. 41 - Manpower Project.
Analysis
This resolution authorizes the issuance and sale of $10,550,000 general obligation bonds, for paying a portion of $25,550,000 costs (plus capitalized interest) of the Manpower Project in Tax Incremental District No. 41. Contingent Borrowing authority will be used to fund the TID expenditure.
Body
Whereas, Resolution File Number 051108 authorizes $25,550,000 plus capitalized interest for the Manpower Project in Tax Incremental District No. 41 (TID #41); and
Whereas, The Department of City Development desires to use $10,550,000 of Contingent Borrowing Authority to fund a portion of the $25,550,000 of authorized TID #41 expenditures; and
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 051144 authorized $140,004,734 of General Obligation Bonds for Tax Increment District purposes, and such amount anticipated the use of $60,000,000 of Contingent Borrowing authority; and
Whereas, Resolution File Number 051132 authorized the sale and issuance of General Obligation Corporate Purpose Bonds which included $140,004,734 of bonds for Tax Incremental purposes, which including the anticipated use of $60,000,000 of Continent Borrowing authority; and
Whereas, The Common Council is desirous of authorizing Contingent Borrowing in the amount of $10,550,000 to provide funding for the TID #41 expenditures; 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 bonds in an amount not to exceed $10,550,000 for paying TID #4...
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