Title
Resolution relative to authorizing the borrowing of up to $13,000,000.00 from the Wisconsion State Trust Fund at an interest rate of 5.25 percent for a term of 20 years for the purpose of paying off a portion of the City of West Allis' unfunded Wisconsion Retirement System prior service pension liability.
Body
WHEREAS, the following preamble and resolution were presented by Alderperson Michael Czaplewski, Chairman of the Administration & Finance Committee, and read to the meeting.
WHEREAS, by the provisions of Sec. 24.66 of the Wisconsin Statues, all municipalities may borrow money for such purposes 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 66.22 or 66.882, joint sewerage system created under Sec. 144.07(4), school district or technical college district.)
THEREFORE, BE IT RESOLVED, that the City of West Allis, in the County of Milwaukee, Wisconsin, borrow from the Trust Funds of the State of Wisconsin the sum of up to Thirteen Million and 00/100 Dollars ($13,000,000.00) for the purpose of paying off the City of West Allis' unfunded Wisconsin Retirement System prior service pension liability and for no other purpose.
The loan is to be payable within 20 years from the 15th day of March preceding the date the loan is made. The loan will be repaid in annual installments with interest at the rate of 5.2 percent per annum from the date of making the loan to the 15th day of March next and thereafter annually as provided by law.
RESOLVED FURTHER, that there shall be raised and there is levied upon all taxable property, within the City of West Allis, in the County of Milwaukee, Wisconsin, a direct annual tax for the purpose of paying interest and principal on the loan as they become due.
RESOLVED FURTHER, that no money obtained by the City of West Allis by such loan from the state be applied or paid out for any purpose except paying off the City of West Allis' unfunded Wisconsin Retirement System prior service pension liability without the consent of the Board of Commissioners of Public Lands.
RESOLVED FURTHER, that in case the Board of Commissioners of Public Lands of Wisconsin agrees to make the loan, that the mayor and clerk of the City of West Allis, in the County 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 clerk of the city will perform all necessary actions to fully carry out the provision of Chapter 24, Wisconsin Statutes, and these resolutions.
RESOLVED FURTHER, that this preamble and these resolutions and the aye and no vote by which they were adopted, be recorded, and that the clerk of this city forward this certified record, along with the application for the loan, to the Board of Commissioners of Public Lands of Wisconsin.