Number
071102
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance of $16,000,000 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 grant programs. (Comptroller)
Analysis
The federal government provides grant funding to the City for various community purposes. The City, in turn, provides grant funding to various community organizations. The City has good estimates on the amount of grants to be awarded, but the actual grants are usually not received until later in the year. However, the various community organizations are relying upon a steady funding source from the City.
In order to facilitate the even payment of grants to the organizations, the City advances funding in anticipation of receiving grants from the federal government. Until such grants are received, an alternative funding source is required, and usually Contingent Borrowing is used.
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 other grant programs prior to the receipt of Community Development Block Grant and other grant funding.
Body
Whereas, The budget for the fiscal year 2008 (the “Fiscal Year”) 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 amount of at least $20,000,000; 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 grant programs; and
Whereas, For the Fiscal Year, under the City of Milwaukee Community Block Grant Agreement it is anticipated that grant a...
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