Number
091046
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution relating to issuance and sale of general obligation bonds in the aggregate amount of $40,700,000 for grants and financing receivables.
Analysis
Resolution authorizes the issuance and sale of general obligation bonds in the amount of $700,000 for grants and $40,000,000 for financing receivables.
Body
Whereas, The 2010 budget of the City of Milwaukee adopted by the Common Council contemplates the issuance of general obligation bonds in the aggregate amount of $700,000 for grants, $24,000,000 for financing receivables, and $150,000,000 for contingent purposes; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby authorizes and declares its purpose to issue and sell general obligation bonds in the aggregate amount of $700,000 for grants, and $40,000,000 for financing receivables; and, be it
Further Resolved, That the $700,000 for grants, and $24,000,000 for financing receivables shall be from the amounts authorized for such purposes in the 2010 budget of the City; and, be it
Further Resolved, That $16,000,000 for financing receivables shall be from the $150,000,000 amount authorized in the 2010 budget for contingent borrowing; and, be it
Further Resolved, That any amount for financing receivables from contingent borrowing that is not issued by September 1, 2010 shall not be issued.
Requestor
Comptroller
Drafter
RSL
PD-7608pW.rtf