Number
150628
Version
ORIGINAL
Reference
141362, 141363
Sponsor
THE CHAIR
Title
Resolution amending the authorizing of the Commissioners of the Public Debt to market general obligation promissory notes and bonds.
Analysis
Resolutions 141362 and 141363 authorized the issuance of General Obligation Notes and Bonds for certain purposes which includes $500,000 for Street Purposes - Neighborhood Commercial Districts. On July 15, 2015, the Finance and Personnel Committee approved reallocating the amount to Development Purposes - Façade Program.
This resolution amends the authorization to permit the issuance of additional amount of General Obligation Notes and Bonds for the Façade Program.
Body
Whereas, Common Council file numbers 141362 and 141363 authorizes the issuance of General Obligation Notes and Bonds for certain purposes; and
Whereas, On July 15, 2015, the Finance and Personnel Committee authorized the change in purposes of $500,000 of expenditures from Street Purposes - Neighborhood Commercial Districts to Development Fund - Façade Program; and
Whereas, The Common Council desires to change the purposes for which the Notes and Bonds may be issued to remove the old purpose and include the new purpose; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee that it hereby amends the purposes in Exhibit A of files 141362 and 141363 as follows:
Deleted: Purpose: Street Improvements, Neighborhood Comm. Dist. St. Improvement, File No.: 111081, Adoption Date: 12/20/2011, Notes $500,000, Bonds: $500,000
Added: Purpose: Renewal & Development Projects, Façade Program, File No.: 150627, Budget Year: 2012, Notes: $500,000, Bonds: $500,000
Requestor
Comptroller
Drafter
Richard Li
8/28/15
PD-8211bR.rtf