Number
081610
Version
Original
Reference
080960
Sponsor
The Chair
Title
Resolution authorizing the sale and issuance of General Obligation Promissory Notes for contingent borrowing for excess 2008 expenditures.
Analysis
This substitute resolution authorizes contingent borrowing in an amount not to exceed $4,000,000 to finance 2008 unanticipated expenditures.
Body
Whereas, There were unanticipated expenses incurred for fiscal year 2008 relating to snow removal and other purposes; and
Whereas, The 2009 Budget authorizes $130,000,000 of borrowing for contingent purposes; and
Whereas, The Common Council is desirous of using 2009 contingent borrowing for issuing and selling promissory notes pursuant to sec. 67.12(12), Stats. for the purpose of general and current municipal expenses for financing 2008 unanticipated expenditures; and
Whereas, The Common Council desires that these notes be permitted to be issued with the Corporate Purpose Notes authorized by Resolution File Number 080960; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby and herewith authorizes and declares its purpose to use 2009 contingent borrowing purposes to issue general obligation short-term promissory notes pursuant to the provisions of sec. 67.12(12), Stats., in an amount not to exceed $4,000,000 for the purposes of general and current municipal expenses: to finance unanticipated 2008 expenditures; and, be it
Further Resolved, The notes may be issued as an authorized purpose for Contingent Borrowing as provided for in Resolution File Number 080960.
Requestor
Comptroller
Drafter
Comptroller
RSL
PD-7520aW.rtf