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File #: 210563    Version: 0
Type: Resolution Status: Passed
File created: 7/16/2021 In control: FINANCE & PERSONNEL COMMITTEE
On agenda: Final action: 7/27/2021
Effective date:    
Title: Resolution authorizing up to $630,000 of 2021 contingent borrowing for damages and claims.
Sponsors: THE CHAIR
Indexes: CLAIMS PAYMENT, CONTINGENT FUND, SUITS PAYMENT
Attachments: 1. Fiscal Note, 2. Hearing Notice List
Date Ver.Action ByActionResultTallyAction DetailsMeeting DetailsVideo
8/5/20210 MAYOR SIGNED   Action details Meeting details Not available
7/27/20210 COMMON COUNCIL ADOPTEDPass15:0 Action details Meeting details Not available
7/21/20210 FINANCE & PERSONNEL COMMITTEE RECOMMENDED FOR ADOPTION

Minutes note: Appearing: Richard Li, Comptroller's Office $640,000 referenced in the Fiscal Note was in error.
Pass5:0 Action details Meeting details Video Video
7/16/20210 COMMON COUNCIL ASSIGNED TO   Action details Meeting details Not available

Number

210563

Version

ORIGINAL

Reference

210562

 

Sponsor

THE CHAIR

 

Title

Resolution authorizing up to $630,000 of 2021 contingent borrowing for damages and claims.

 

Analysis

Common Council File Number 210562 authorizes the settlement of claims against the City of Milwaukee relating to Alfonso Morales.  The City will fund the settlement using Contingent Borrowing.

 

Body

Whereas, Common Council File Number 210562 authorizes the settlement of claims against the City of Milwaukee relating to Alfonso Morales in the approximate amount of $630,000, and such amount exceeds the available balance in the Damages and Claims Fund Special Purpose Account; and

 

Whereas, the 2021 Budget of the City of Milwaukee authorizes $200,000,000 of Contingent Borrowing for purposes not contemplated at the time the budget was adopted, and Resolution File Number 201030 authorizes the issuance of general obligation promissory notes for various public purposes, including Contingent Borrowing as may be authorized from time to time; and

 

Whereas, The City desires to use up to $630,000 of Contingent Borrowing to fund settlement of the above-noted claims; now therefore, be it

 

Resolved, By the Common Council of the City of Milwaukee, that up to $630,000 of Contingent Borrowing for Damages and Claims is authorized to be issued and the proceeds used to fund settlements of the claims; and be it

 

Further Resolved, That the debt may be issued as Notes pursuant to Resolution Number 201030 (including direct loan notes), and that such debt shall be a purpose of Contingent Borrowing - Unallocated in Exhibit A of the resolution, including refunding of direct loan notes if the debt is temporarily issued as direct loan notes; and be it

 

Further Resolved, That the direct loan notes may be issued by the Comptroller without approval of the Public Debt Commission; and be it

 

Further Resolved, That the proper City officers are authorized to make the necessary transfers to the appropriate accounts or fund to dispense the settlement amount.

Requestor

Budget and Management Division

City Attorney

 

Drafter

Richard Li

July 16, 2021