Number
190885
Version
SUBSTITUTE 2
Reference
180864, 191403
Sponsor
THE CHAIR
Title
Substitute resolution authorizing the issuance of up to $50,000,000 general obligation notes, to pay general and current municipal expenses associated with the 2020 Democratic National Convention.
Analysis
The city anticipates receiving $50 million in grant funding from the federal government for security related services supporting the 2020 Democratic National Convention.
The city will need to begin incurring expenditures on October 1, 2019, but does not anticipate receiving the grant awards until the spring of 2020. This file provides alternative funding source for the grants until the awards are received. The debt will be issued only if the grants are not received, or are insufficient to cover the total city expenditures.
This resolution authorizes the issuance of general obligation notes under s. 67.12(12), Wis. Stats., for the financing of city expenditures relating to the 2020 Democratic National Convention.
Body
Whereas, The budget for the fiscal year 2020 (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 $200,000,000; 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 2020 Democratic National convention; and
Whereas, the city anticipates that grant funds will be approved but such funds have not yet been awarded to the City; and the City needs up to $50,000,000 to being incurring expenditures pending award of the grant funds; and
Whereas, The Common Council is desirous of issuing and selling up to $50,000,000 of promissory notes for 2020 Democratic National Convention costs in the event such grants are not received as anticipated; now, therefore, be ...
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