City of Milwaukee - File #: 080949

• File #: 080949
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 10/29/2008
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 11/25/2008
• Title: Resolution to authorize up to $1.6 million dollars of contingent borrowing to fund the settlement of the lawsuit entitled Estate of Justin Fields v. Nawotka, et. al.
• Sponsors: THE CHAIR
• Indexes: CONTINGENT FUND, LITIGATION, SUITS PAYMENT, SUITS SETTLEMENT

Date	Ver.	Action By	Action	Result	Tally
12/5/2008	0	MAYOR	SIGNED
11/25/2008	0	COMMON COUNCIL	ADOPTED	Pass	13:1
11/20/2008	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearance by Mr. Mike Tobin, Executive Director, Fire & Police Commission	Pass	3:1
11/17/2008	0	JUDICIARY & LEGISLATION COMMITTEE	RECOMMENDED FOR ADOPTION AND ASSIGNED	Pass	4:1
11/12/2008	0	JUDICIARY & LEGISLATION COMMITTEE	HEARING NOTICES SENT
10/29/2008	0	COMMON COUNCIL	ASSIGNED TO

Number
080949
Version
Original
Reference
080869
Sponsor
The Chair
Title
Resolution to authorize up to $1.6 million dollars of contingent borrowing to fund the settlement of the lawsuit entitled Estate of Justin Fields v. Nawotka, et. al.
Analysis
The Common Council of the City of Milwaukee adopted File Number 080869 on November 25, 2008, and that file authorized settlement of the lawsuit entitled Estate of Justin Fields v. Nawotka, et. al., Case No. 03-C-1450. The City and Plaintiff agreed to a $1.6 million dollar settlement amount. The City will fund the settlement using Contingent Borrowing.

Body
Whereas, Common Council File Number 080869, adopted on November 25, 2008, authorized settlement of the lawsuit entitled Estate of Justin Fields v. Nawotka, et al., Case No. 03-C-1450; and

Whereas, The agreed $1.6 million dollar settlement amount exceeds the available balance in the Damages and Claims Fund Special Purpose Account (0001-1490-S118-006300); and

Whereas, The 2008 Budget of the City of Milwaukee authorizes $110,000,000 Contingent Borrowing for purposes not contemplated at the time of adoption of the budget; and

Whereas, Resolution File Number 071100 authorized the issuance of general obligation promissory notes for various public purposes (the “Note Resolution”), not all of which will be needed in the next 12 months; and

Whereas, The City desires to use $1.6 million dollars of Contingent Borrowing to fund settlement of the lawsuit, to issue Contingent Borrowing within the amount authorized by the Note Resolution, and for the Contingent Borrowing to replace other purposes in the Note Resolution that will not be needed in the next 12 months; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that $1,600,000.00 of Contingent Borrowing (the “Borrowing”) is authorized to be used to fund the settlement of this lawsuit; and, be it

Further Resolved, That the Borrowing is an additional authorized borrowing purpose for ...