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Resolution authorizing issuance of a $935,000 short term general obligation note with the State Trust Loan Fund for the purpose of cash financing capital projects
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WHEREAS, by the provisions of Sec. 24.66 of the Wisconsin Statutes, all municipalities may borrow money for such purposed in the manner prescribed, and,
WHEREAS, by the provisions of Chapter 24 of the Wisconsin Statutes, the Board of Commissioners of Public Lands of Wisconsin is authorized to make loans from the State Trust Funds to municipalities for such purposes. (Municipality as defined by Sec. 24.60(2) of the Wisconsin Statutes means a town, village, city, county, public inland lake protection and rehabilitation district, town sanitary district created under Sec. 60.71 or 60.72, metropolitan sewerage district created under Sec. 200.05 or 200.23, joint sewerage system created under Sec. 281.43(4), school district or technical college district.)
THEREFORE, BE IT RESOLVED, that the City of Wauwatosa, in the County(ies) of Milwaukee, Wisconsin, borrow from the Trust Funds of the State of Wisconsin the sum of Nine Hundred Thirty Five Thousand And 00/100 Dollars ($935,000.00) for the purpose of financing roadwork and for no other purpose.
The loan is to be payable within 2 years from the 15th day of March preceding the date the loan is made. The loan will be repaid in annual installments with interest with interest at the rate of 5.75 percent per annum from the date of making the loan to the 15th day of March next and thereafter annually as provided by law.
BE IT FURTHER RESOLVED, that there shall be raised and there is levied upon all taxable property, within the City of Wauwatosa, in the County(ies) of Milwaukee, Wisconsin, a direct annual tax for the purpose of paying interest and principal on the loan as they become due.
BE IT FURTHER RESOLVED, that no money obtained by the City of Wauwatosa by such loan from the state be applied or paid out for any purpose except financing roadwork without the consent of the Board of Commissioners of Public Lands,
BE IT FURTHER RESOLVED, that in case the Board of Commissioners of Public Lands of Wisconsin agrees to make the loan, that the Mayor and the clerk of the City of Wauwatosa, in the County(ies) of Milwaukee, Wisconsin, are authorized and empowered, in the name of the city to execute and deliver to the Commission, certificates of indebtedness, in such form as required by the Commission, for any sum of money that may be loaned to the city pursuant to this resolution. The Mayor and the clerk of the city will perform all necessary actions to fully carry out the provisions of Chapter 24, Wisconsin Statutes, and these resolutions.
BE IT FURTHER RESOLVED, that this preamble and these resolutions and the aye and no vote by which they were adopted, be recorded, and that the clerk of the city forward this certified record, along with the application for the loan, the Board of Commissioners of Public Lands of Wisconsin.
By: Financial Affairs Committee
recommendation
Recommendation: Approve 5-0