Number
060367
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing and approving the payment of $19,742.57, to the City of Milwaukee as full payment of the real and personal property liability of Interstate Bakeries Corporation’s pursuant to an Order of the United States Bankruptcy Court Western District of Missouri, Kansas City Division.
Analysis
The resolution authorizes and approves the payment to the City of Milwaukee by Interstate Bakeries Corp. for the amount of $19,742.57 as full payment of the regarding real and personal property tax liability for account number 069-0072-7 for tax years 2003 through 2005, and account numbers 8436-7411, 9430-5008, 9608-9001, and 9632-2013 for tax year 2004 and authorizes the remission of the tax principal balances outstanding.
Body
Whereas, On September 22, 2005 (“The Petition Date”) the Debtors Interstate Bakeries Corporation and its subsidiaries (“IBC”) filed a voluntary petition in the United States Bankruptcy Court Western District of Missouri, Kansas City Division (Kansas Division) for reorganization relief under Ch. 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101-1120 as amended (the “Bankruptcy Code”); and
Whereas, On January 25, 2006, IBC filed a notice of hearing regarding Debtors’ (I) Tenth Omnibus Objection to Claims Under 11 U.S.C. §§ 102, 105, 502, 505 and 506 Fed. R. Bankr. P. 3003 and 3007 and Local Rule 3007-1 and (II) Motion Requesting Determination of Tax Liability Under 11 U.S.C. §§ 105, 505 and 506 (Tax Claims); and
Whereas, on March 6, 2006, the Honorable Jerry W. Venters signed an order reducing IBC’s personal and real property tax liabilities for the tax years of 2003 to 2005; and
Whereas, The City agrees that amount of $19,752.57 be paid in full to the City for satisfaction of the City’s claim and IBC’s tax liability for the tax years 2003-2005; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, to discharge the personal and real property tax liability against IBC of $23,472.29 to be charged to the Remission of Tax Fund (Fund 0001-Org 1490-Program 1840-Class S163-Account 636508); and, be it
Further Resolved, That the City of Milwaukee accepts $19,752.57 as full payment for the real and personal property tax liability for account numbers 8436-7411, 9430-5008, 9608-9001, 9632-2013 and 069-0072-000 for tax levy years 2003-2005.
Requestor
City Attorney
Drafter
GOSC:wt:105576
May 16, 2006