powered help
header-left header-center header-right
Share to Facebook Share to Twitter Bookmark and Share
File #: 200152    Version: 0
Type: Resolution Status: Passed
File created: 5/27/2020 In control: COMMON COUNCIL
On agenda: Final action: 6/16/2020
Effective date:    
Title: Resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenue. (Debt Service Fund-Bonded Debt - principal)
Sponsors: THE CHAIR
Attachments: 1. Comptroller Letter, 2. Fiscal Impact Statement, 3. Hearing Notice List
Number
200152

Version
ORIGINAL

Reference

Sponsor
THE CHAIR

Title
Resolution relating to expenditure of funds to be reimbursed by greater than anticipated revenue. (Debt Service Fund-Bonded Debt - principal)

Analysis
This resolution provides additional appropriation for the payment of principal on general obligation debt financed from the General Fund as an operating transfer. Revenue Anticipation Notes Series 2019 R2 and 2019 N8, N9, T10 Line of Credit Notes were issued for the purpose of financing the City’s operating budgets on an interim basis in anticipation of the receipt of State shared revenue.

Body
Whereas, The City of Milwaukee issued Revenue Anticipation Notes Series 2019 R2 and 2019 N8, N9, T10 Line of Credit to finance the City’s operating budgets on an interim basis in anticipation of the receipt of State shared revenue in the General Fund; and,

Whereas, the General Fund has received State shared revenues and recorded an operating transfer out of the General Fund equal to the principal due on the debt; and,

Whereas, Generally Accepted Accounting Principles require that General Obligation Debt be recorded in the Debt Service Fund, with an operating transfer from the General Fund; and

Whereas, The Comptroller has certified greater than anticipated revenue in the amount of $125,000,000.00 from State shared revenue, pursuant to s. 304-91; and

Pursuant to s. 304-91, I hereby certify that the money required for this is anticipated to be realized on or before 12/31/2019 and to be expended only for the purpose in this resolution.


__________________________________________ __________________
Comptroller Date

; now, therefore, be it

Resolved, That up to $125,000,000.00 is appropriated to the Debt Service Fund, Bonded Debt (principal) account 0210-2110-006610-0001-R999-2019; and, be it

Further Resolved, That the Comptroller is authorized to expend these funds for the payment of principal on the debt; and be it

Further Resol...

Click here for full text