Number
090967
Version
Substitute 1
Reference
080962, 081506, 081610, 090333
Sponsor
THE CHAIR
Title
Substitute resolution authorizing cancellation the issuance of contingent borrowing for certain purposes.
Analysis
Total authorized contingent borrowing exceeds the amount approved in the 2009 budget. This resolution would cancel the authorization for contingent borrowing purposes no longer needed.
Body
Whereas, Resolution Number 081610 authorizes the issuance of $4,000,000 of contingent borrowing for unanticipated 2008 expenditures, of which $3,275,131 remains unissued; and
Whereas, Resolution Number 090333 provided alternative revenues to repay the debt for the unanticipated 2008 expenditures; and
Whereas, The Common Council desires to cancel the issuance of the remaining debt for 2008 expenditures, and rescind the transfer of alternative revenues to repay that debt; and
Whereas, Resolution Numbers 080962 and 081506 authorizes the issuance of $25,000,000 and $50,000,000, respectively, of contingent borrowing for grant and aid purposes in the event anticipated grants were not received; and
Whereas, The grants anticipated by Resolution Numbers 080962 and 081506 have been received, or alternative funding has been allocated, and the contingent borrowing is no longer needed; and
Whereas, The Common Council desires to cancel the issuance of the unneeded authorizations of contingent borrowing so the amounts may be used for other purposes; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the remaining amounts of contingent borrowing authorized by Resolution Numbers 081506, 081610 and 080962 are no longer needed for the purposes specified there, and the remaining amounts shall not be issued; and, be it
Further resolved, That the $2.7 million transfer to the Debt Service Fund authorized by Resolution Number 090333 shall not be made.
Requestor
Comptroller
Drafter
RSL
PD-7603a2W.rtf
12/16/09