City of Milwaukee - File #: 190210

• File #: 190210
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 5/7/2019
• In control: COMMON COUNCIL
• Final action: 6/18/2019
• Title: Substitute resolution authorizing the issuance and sale of up to $275,000,000 of revenue anticipation notes and General Obligation Promissory Notes for the purpose of financing the operating budget of the Milwaukee Public Schools on an interim basis.
• Sponsors: THE CHAIR
• Indexes: GENERAL OBLIGATION BONDS, MILWAUKEE PUBLIC SCHOOLS

Date	Ver.	Action By	Action	Result	Tally
6/28/2019	1	MAYOR	SIGNED
6/18/2019	1	COMMON COUNCIL	ADOPTED	Pass	14:0
6/12/2019	0	FINANCE & PERSONNEL COMMITTEE	SUBSTITUTED; Minutes note: Individual appearing: Richard Li, Comptroller's Office Ald. Lewis moved substitution of the file with Proposed Substitute A. (Prevailed 4-0)	Pass	4:0
6/12/2019	1	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
6/7/2019	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
5/7/2019	0	COMMON COUNCIL	ASSIGNED TO

Number
190210

Version
SUBSTITUTE 1

Reference

Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance and sale of up to $275,000,000 of revenue anticipation notes and General Obligation Promissory Notes for the purpose of financing the operating budget of the Milwaukee Public Schools on an interim basis.
Analysis
This resolution authorizes the City of Milwaukee to issue school revenue anticipation notes (RANs) under Section 67.12(1), Wisconsin Statutes, for the purpose of financing the operating budget of the Milwaukee Public Schools on an interim basis. The resolution pledges revenues payable to the School Operations Fund during the fiscal year to the payment of debt service on the RANs. This resolution authorizes and directs the proper City officers to segregate state general school aid revenues payable to the School Operations Fund in June of 2020 to secure payment of the principal of the RANs at maturity, and pledges surplus revenues in the Debt Service Fund to pay interest on the RANs to maturity. Finally, this resolution authorizes the proper City officers to deposit with the City’s Fiscal Agent an amount sufficient together with earnings thereon to pay, when due, the principal of and interest on the RANs.
Body
Whereas, the Milwaukee Public Schools (the “MPS”) is a department of the City of Milwaukee (the “City”) authorized by Sections 65.05, 119.46, and 119.60(1), (2m)(c) and (5), Wisconsin Statutes, to establish a School Operations Fund, and to determine its expenditures and the taxes to be levied therefor;

Whereas, MPS is temporarily in need of funds in the amount not to exceed $275,000,000 to meet the immediate expenses of operating and maintaining the public instruction in MPS during the fiscal year commencing July 1, 2019 and ending June 30, 2020 (the “Fiscal Year”);

Whereas, each year, the Milwaukee Board of School Directors (the “Board”) deems it necessary and in the best interest of MPS that funds be borrowed and reve...