City of Milwaukee - File #: 060590

• File #: 060590
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 9/6/2006
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 9/26/2006
• Title: Resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes, in the amount not to exceed $15,000,000, pursuant to the provisions of Chapter 67, Wisconsin Statutes, for purchase by the Public Debt Amortization Fund.
• Sponsors: THE CHAIR
• Indexes: DEBTS, PUBLIC, GENERAL OBLIGATION BONDS, PROMISSORY NOTES

Date	Ver.	Action By	Action	Result	Tally
10/5/2006	0	MAYOR	SIGNED
9/26/2006	0	COMMON COUNCIL	ADOPTED	Pass	15:0
9/20/2006	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Speakers: Richard Li, Public Debt Specialist, Public Debt Commission Wally Morics, Comptroller	Pass	5:0
9/13/2006	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
9/7/2006	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
9/6/2006	0	COMMON COUNCIL	ASSIGNED TO

Number
060590

Version
Original

Reference

Sponsor
The Chair

Title
Resolution authorizing the Commissioners of the Public Debt to market general obligation promissory notes, in the amount not to exceed $15,000,000, pursuant to the provisions of Chapter 67, Wisconsin Statutes, for purchase by the Public Debt Amortization Fund.

Analysis
This resolution authorizes the Commissioners of the Public Debt to issue and sell City of Milwaukee general obligation notes in the amount of $15,000,000 to effect a draw on the Public Debt Amortization Fund to reduce the Debt Service levy.

The PDAF is authorized by State Statues to purchase and cancel debt of the City. However, the State Statutes do not permit a direct transfer from the PDAF to the Debt Service Fund.

Contingent Borrowing Authority in the 2006 Budget included an amount for this resolution’s purpose.

Body
Whereas, Section 67.12(12), Wisconsin Statutes permits the issuance of General Obligation Promissory Notes for any public purpose; and

Whereas, The 2006 municipal budget authorizes $110,000,000 of General Obligation bonds and notes in contingent borrowing for purposes not contemplated at the time the budget was adopted; and

Whereas, The Common Council desires to use up to $15,000,000 of the contingent borrowing for the public purpose of supplementing the balance of the Debt Service Account; and

Whereas, The Public Debt Commission periodically determines a draw on the Public Debt Amortization Fund (PDAF) and uses the draw to purchase and cancel city debt for the purpose of supplementing the balance of the Debt Service Account; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee that, in accordance with sec. 67.12(12), Stats., that the Commissioners of the Public Debt are authorized and requested to issue and sell general obligation promissory notes in the aggregate amount of $15,000,000 for the public purpose of supplementing the balance of the Debt Service Account (the...