Number
101087
Version
Substitute 1
Reference
100974
Sponsor
THE CHAIR
Title
Substitute resolution authorizing contingent borrowing for financing receivables.
Analysis
Substitute resolution authorizing the issuance and sale of general obligation bonds in the amount of $31,000,000 for financing receivables.
Body
Whereas, the 2011 budget of the City of Milwaukee adopted by the Common Council contemplates the issuance of general obligation bonds in the aggregate amount of $28,000,000 for financing receivables, and $150,000,000 for contingent purposes; and
Whereas, the amount of financings for receivables is anticipated to be $31,000,000; 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 $31,000,000 for financing receivables; and be it
Further Resolved that $28,000,000 for financing receivables shall be from the amounts authorized for such purposes in the 2011 budget of the City; and be it
Further Resolved that $3,000,000 for financing receivables shall be from the $150,000,000 amount authorized in the 2011 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, 2011 shall not be issued; and be it
Further Resolved, that the contingent borrowing authorized herein may be borrowed pursuant to the contingent borrowing purpose in resolution file number 100974.
Requestor
Comptroller
Drafter
RSL
PD-7755r2W.rtf