City of Milwaukee - File #: 071098

• File #: 071098
• Version: 2
• Type: Resolution
• Status: Passed
• File created: 12/11/2007
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 1/15/2008
• Title: Substitute resolution relating to the carryover of 2007 authorization for general obligation and revenue based borrowing.
• Sponsors: THE CHAIR
• Indexes: GENERAL OBLIGATION BONDS, MUNICIPAL BORROWING

Date	Ver.	Action By	Action	Result	Tally
1/23/2008	1	MAYOR	SIGNED
1/15/2008	1	COMMON COUNCIL	ADOPTED	Pass	14:0
1/10/2008	2	CITY CLERK	DRAFT SUBMITTED
1/10/2008	1	FINANCE & PERSONNEL COMMITTEE	SUBSTITUTED; Minutes note: Mr. Mike Daun, Deputy Comptroller said they had several technical corrections that needed to be made to the "Detailed Schedule of Borrowing Authorization Carryovers" and submitted a revised schedule. A motion was made by Ald. Davis to make the revised "Detailed Schedule of Borrowing Authorization Carryovers" submitted by Mr. Daun a part of the file. There were no objections.	Pass	4:0
1/10/2008	2	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	4:0
1/4/2008	1	CITY CLERK	DRAFT SUBMITTED
12/28/2007	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
12/13/2007	0	FINANCE & PERSONNEL COMMITTEE	REFERRED TO
12/11/2007	0	COMMON COUNCIL	ASSIGNED TO

Number

071098

Version

SUBSTITUTE 2

Reference

Sponsor

THE CHAIR

Title

Substitute resolution relating to the carryover of 2007 authorization for general obligation and revenue based borrowing.

Analysis

This resolution authorizes that certain amounts for related specific purposes as provided in the 2007 budget for general obligation or revenue based borrowing be carried over into 2008.

Body

Whereas, The Municipal Budget adopted for the calendar year 2007 (the “Budget”), plus additional authorizations approved by adoption of prior resolutions of intent to issue bonds or notes, include borrowing amounts shown in the attached detailed schedule (the “Schedule”) and covered by the resolutions recited in the Schedule; and

Whereas, The Budget contains carryover and new authorization for general obligation and revenue based borrowing in the aggregate amount of $774,728,253; and

Whereas, General obligation and/or revenues based notes (other than for refunding purposes) in the aggregate amount of $316,250,313.36 have been issued in 2007; and

Whereas, There is dropped from the borrowing authorization in the Budget a total of $156,105,399.58 unutilized borrowing authority; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the sum of $302,372,540.06 of the 2007 Municipal Budget authorized for general obligation and revenue based borrowing ($298,845,707.06 covered by initial resolutions and $3,526,833.00 not currently covered by initial resolution) as detailed in the Schedule by amount, purpose, and by initial resolution number, with respect to the issuance and sale of such general obligation and revenue based debt, shall continue in full force and effect. The referred to detailed schedule is as appended and is made an integral part of this file.

Requestor

Comptroller

Drafter

RSL

PD-7360a2W.doc

1/10/08