CCR1998202COMMON COUNCIL - CITY OF MUSKEGO
RESOLUTION #202-98
A RESOLUTION AUTHORIZING THE TEMPORARY
ADVANCE OF FUNDS FROM THE SEWER UTILITY
TO THE DEBT SERVICE FUND OF THE CITY OF MUSKEGO
THE COMMON COUNCIL OF THE CITY OF MUSKEGO, WAUKESHA COUNTY,
WISCONSIN, DOES RESOLVE AS FOLLOWS:
WHEREAS, In 1997, the City defeased $2.835 million of general obligation debt related
to the City and the Sewer Utility; and
WHEREAS, The defeasance of this debt will create a temporary shortfall of funds
which are required to be transferred from the Sewer Utility to the City to finance the
total annual debt service obligations during 1998, 1999 and 2000; and
WHEREAS, This shortfall can be temporarily financed by having the Sewer Utility
advance funds to the City Debt Service Fund during the years 1998, 1999 and 2000 at
5% interest per annum, with repayment by the City to the Sewer during the years 2001,
2002,2003,2004 and 2005; and
WHEREAS, This temporary advance of Sewer Utility funds will be accomplished with 0 available funds and will not cause a financial burden on the Sewer Utility.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of
Muskego, upon the recommendation of the Finance Committee, does hereby approve
the advance of funds from the Sewer Utility to the City Debt Service Fund and the
repayment of such advances as detailed on the attached page.
DATED THIS 27TH DAY OF OCTOBER, 1998.
SPONSORED BY:
FINANCE COMMITTEE
Ald. Mark Slocomb
Ald. David Sanders
Ald. Nancy Salentine
This is to certify that this is a true and accurate copy of Resolution #202-98 which was
adopted by the Common Council of the City of Muskego.
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