City of West Allis - File #: R-2004-0009

• File #: R-2004-0009
• Version: 2
• Type: Resolution
• Status: Adopted
• File created: 1/6/2004
• In control: Administration and Finance Committee (INACTIVE)
• Final action: 1/6/2004
• Title: Resolution Authorizing the Issuance and Sale of $3,695,000 Taxable Note Anticipation Notes.

Date	Ver.	Action By	Action	Result
1/6/2004	2	Common Council
1/6/2004	2	Common Council	Adopted	Pass
1/6/2004	2	Administration and Finance Committee (INACTIVE)		Pass
1/5/2004	1	Staff

Title
Resolution Authorizing the Issuance and Sale of $3,695,000 Taxable Note Anticipation Notes.

Body
WHEREAS, the Common Council hereby finds and determines that it is necessary, desirable and in the best interest of the City of West Allis, Milwaukee County, Wisconsin (the "City") to raise funds for the purpose of paying the cost of financing the City's unfunded prior service liability contributions under the Wisconsin Retirement System, more specifically, to reduce the City's unfunded pension liability by contributing amounts to the Public Employee Trust Fund in advance of the required payment dates, as permitted and authorized by Chapter 40 of the Wisconsin Statutes (the "Contributions"), and there are insufficient funds on hand to pay said costs;

WHEREAS, the Common Council hereby finds and determines that the Contributions are within the City's power to make and therefore serve a "public purpose" as that term is defined in Section 67.04(1)(b) of the Wisconsin Statutes;

WHEREAS, cities are authorized by the provisions of Section 67.12(12) of the Wisconsin Statutes to borrow money and to issue general obligation promissory notes for such public purpose;

WHEREAS, pursuant to this Resolution the Common Council will authorize and covenant to issue general obligation promissory notes (the "Securities") of the City to provide permanent financing for the Contributions;

WHEREAS, the Securities have not yet been issued or sold;

WHEREAS, cities are authorized by the provisions of Section 67.12(1)(b) of the Wisconsin Statutes to issue municipal obligations in anticipation of receiving proceeds from bonds or notes the city has authorized or covenanted to issue under Chapter 67 of the Wisconsin Statutes;

WHEREAS, it is the finding of the Common Council that it is necessary, desirable and in the best interest of the City to provide for the issuance and sale of note anticipation notes pursuant to Section 67.12(1)(b), Wisconsin Statutes, in anticipat...