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File #: 200078    Version:
Type: Resolution Status: Passed
File created: 5/8/2020 In control: COMMON COUNCIL
On agenda: Final action: 5/27/2020
Effective date:    
Title: Substitute resolution authorizing the sale and issuance of General Obligation Promissory Notes for up to $13.5 million of contingent borrowing for excess 2019 expenditures.
Sponsors: THE CHAIR
Indexes: BUDGET, GENERAL OBLIGATION BONDS
Attachments: 1. Budget Letter 05-15-20, 2. Fiscal Impact Statement, 3. 2015-2019 Snow and Ice Control Summary, 4. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
6/10/20201 MAYOR SIGNED   Action details Meeting details Not available
5/27/20201 COMMON COUNCIL ADOPTEDPass15:0 Action details Meeting details Video Video
5/20/20201 FINANCE & PERSONNEL COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Appearing: Renee Joos, Dept. of Employee Relations Jeff Polenske, Dept. of Public Works
Pass5:0 Action details Meeting details Not available
5/15/20201 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
5/15/20201 FINANCE & PERSONNEL COMMITTEE HEARING NOTICES SENT   Action details Meeting details Not available
5/15/20201 CITY CLERK DRAFT SUBMITTED   Action details Meeting details Not available
5/8/20200 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available

Number

200078

 

Version

SUBSTITUTE 1

 

Reference

 

Sponsor

THE CHAIR

 

Title

Substitute resolution authorizing the sale and issuance of General Obligation Promissory Notes for up to $13.5 million of contingent borrowing for excess 2019 expenditures.

 

Analysis

This resolution authorizes contingent borrowing in an amount not to exceed $13,500,000 to finance 2019 unanticipated expenditures.

 

Body

 

Whereas, There were unanticipated expenses incurred for fiscal year 2019 relating to snow removal and other purposes; and

 

Whereas, The 2020 Budget authorizes $200,000,000 of borrowing for contingent purposes; and

 

Whereas, The Common Council is desirous of using 2020 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 2019 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 191403; 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 2020 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 $13,500,000 for the purposes of general and current municipal expenses: to finance unanticipated 2019 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 191403.

 

Requestor

Budget Office

 

Drafter

Bryan Rynders

DOA-Budget and Management Division

May 8, 2020

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