powered help
header-left header-center header-right
Share to Facebook Share to Twitter Bookmark and Share
File #: 191401    Version:
Type: Resolution Status: Passed
File created: 12/17/2019 In control: COMMON COUNCIL
On agenda: Final action: 1/21/2020
Effective date:    
Title: Substitute resolution relating to the carryover of 2019 authorization for general obligation and revenue based borrowing.
Sponsors: THE CHAIR
Attachments: 1. Borrowing Letter, 2. Fiscal Note, 3. Carry Schedule v1

Number

191401

 

Version

Substitute 1

 

Reference

 

Sponsor

THE CHAIR

 

Title

Substitute resolution relating to the carryover of 2019 authorization for general obligation and revenue based borrowing.

 

Analysis

This resolution authorizes that certain amounts for related specific purposes as provided in the 2019 budget for general obligation or revenue based borrowing be carried over into 2020.

 

Body

Whereas, The Municipal Budget adopted for the calendar year 2019 (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 $1,182,277,876.47; and

 

Whereas, General obligation and/or revenues based notes (other than for refunding purposes) in the aggregate amount of $535,655,614.82 have been issued in 2019; and

 

Whereas, There is dropped from the borrowing authorization in the Budget a total of $263,199,396.00 unutilized borrowing authority; now, therefore, be it

 

Resolved, By the Common Council of the City of Milwaukee that the sum of $383,422,865.65 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

1/9/20

PD-8501z01bW.rtf