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File #: 161125    Version:
Type: Resolution Status: Passed
File created: 12/13/2016 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 1/18/2017
Effective date:    
Title: Substitute resolution relating to the carryover of 2016 authorization for general obligation and revenue based borrowing.
Sponsors: THE CHAIR
Indexes: GENERAL OBLIGATION BONDS, REVENUE BONDS
Attachments: 1. Comptroller Letter, 2. Fiscal Impact Statement, 3. Revised Schedule of Borrowing Authorization, 4. Obsolete Schedule of Borrowing Authorization Carryovers, 5. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
1/26/20171 MAYOR SIGNED   Action details Meeting details Not available
1/18/20171 COMMON COUNCIL ADOPTEDPass14:0 Action details Meeting details Not available
1/11/20171 FINANCE & PERSONNEL COMMITTEE AMENDED

Minutes note: Individual appearing: Richard Li, Comptroller's Office Ald. Witkowski moved to amend the file by accepting a revised schedule in lieu of the original. (Prevailed 4-0)
Pass4:0 Action details Meeting details Video Video
1/11/20171 FINANCE & PERSONNEL COMMITTEE RECOMMENDED FOR ADOPTIONPass4:0 Action details Meeting details Not available
1/6/20171 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
1/4/20171 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
12/13/20160 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available

Number

161125

 

Version

Substitute 1

 

Reference

 

Sponsor

THE CHAIR

Title

Substitute resolution relating to the carryover of 2016 authorization for general obligation and revenue based borrowing.

 

Analysis

This resolution authorizes that certain amounts for related specific purposes as provided in the 2016 budget for general obligation or revenue based borrowing be carried over into 2017.

 

Body

Whereas, The Municipal Budget adopted for the calendar year 2016 (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 $1,120,956,046.26; and

 

Whereas, General obligation and/or revenues based notes (other than for refunding purposes) in the aggregate amount of $576,248,093.00 have been issued in 2016; and

 

Whereas, There is dropped from the borrowing authorization in the Budget a total of $258,065,063.14 unutilized borrowing authority (including $900,000 of "Street Improvement: Neighborhood Commercial District" borrowing that was reauthorized as "Renewal & Development"); now, therefore, be it

 

Resolved, By the Common Council of the City of Milwaukee that the sum of $287,542,890.12 of the Budget authorized for general obligation and revenue based borrowing 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

Richard Li

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