File #061009 is a substitute resolution authorizing
$16 million in general obligation notes pursuant to s. 67.12 (12), Wisconsin
Statutes, to pay a general and current municipal expense associated with the
Community Development Block Grant and other similar grant programs.
Background &
Discussion
- The Comptroller�s Office annually prepares a
resolution to provide authorization for interim funding of Community
Development Block Grant and similar grant activities until the Federal
Government makes financing available.
- This resolution authorizes the issuance of
short-term promissory notes, in an amount not exceed $16 million, for the
purpose of financing the Community Development Block Grant program and other
similar grant programs on an interim basis pending the receipt of federal
funding in 2007.
- Adoption of this resolution, along with Public
Debt Commission action regarding approving the sale of the notes, allows
contracts between the City and community providers to be established or
continue.
Fiscal Impact
It is expected that this resolution will have no
fiscal impact. As in past years, it is anticipated that the borrowing authorized
in this resolution will not take place. However, in the event of a shortfall in
grants received, a portion of the notes may be issued to make up the difference.
Cc: Marianne Walsh
Prepared by:
Mike Daun Jim Carroll, X8679
Mark
Nicolini
LRB Fiscal Review
W. Martin Morics
November 22, 2006
Richard Li
Craig Kammholz