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 th...
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