Agenda Item
Meeting Date: 6/25/2020 - 6:30 PM
Category: Communications from City and County Departments
Type: Action
Subject: 1. Action on a Request from the City Comptroller for Adoption of a Resolution Authorizing the Sale of Revenue Anticipation Notes (RANs)
Strategic Plan Compatibility Statement:
Goal 3
Effective and Efficient Operations
Policy: BG 4.05 - Budgeting/Forecasting
Attachments: Communication from Comptroller re RANs
File Attachment:
Communication from Comptroller re RANs.pdf
Background: The City of Milwaukee anticipates the issuance of Revenue Anticipation Notes (RANs) for the Milwaukee Public Schools in order to provide temporary funds in advance of the receipt of payments of state aid. Should the Milwaukee Board of School Directors determine that the temporary borrowing is desirable, Ms. Aycha Sawa, the City Comptroller, has forwarded to the Office of Board Governance the attached resolution, which the Board will have to adopt in order to authorize issuance of the RANs.
Fiscal Impact Statement: Adoption of the resolution will provide to MPS temporary funds in advance of the receipt of payments of state aid.
Implementation and Assessment Plan If the Board adopts the resolution, the Office of Board Governance will prepare and forward to the City Comptroller the required certified copies of the resolution, as well as certifications relating to the meeting at which the resolution will have been adopted (members present, specific Board vote, etc.).
Recommendation: It is recommended that the Board approve the resolution as attached.
Approvals:
Recommended By:
Signed By:
Martha Kreitzman - Chief Financial Officer
Signed By:
Jacqueline M. Mann, Ph.D. - Board Clerk/Chief Officer