Number
200851
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution to authorize up to $4,000,000.00 of contingent borrowing to fund settlement of the claims raised by the plaintiff Estate of Sylville K. Smith, Mildred Haynes, and Patrick Smith, in the lawsuit entitled Estate of Sylville K. Smith, et al. v. City of Milwaukee, et al., Case No. 17-CV-862-LA.
Analysis
Common Council File Number 200850 authorizes the settlement of claims against the City of Milwaukee and its police officer in the lawsuit entitled Estate of Sylville K. Smith, et al. v. City of Milwaukee, et al., Case No. 17-CV-862-LA. The City will fund the settlement using Contingent Borrowing.
Body
Whereas, Common Council File Number 200850 authorizes the settlement of claims against the City of Milwaukee and its police officer in the lawsuit entitled Estate of Sylville K. Smith, et al. v. City of Milwaukee, et al., Case No. 17-CV-862-LA; and
Whereas, the agreed-upon $4,000,000.00settlement amount exceeds the available balance in the Damages and Claims Fund Special Purpose Account (001-1490-S118-006300); and
Whereas, the 2020 Budget of the City of Milwaukee authorized $200,000,000 of Contingent Borrowing for purposes not contemplated at the time the budget was adopted; and
Whereas, Resolution File Number 191403 authorized 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 $4,000,000.00 dollars of Contingent Borrowing to fund settlement of the above-noted lawsuit; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that up to $4,000,000.00 of Contingent Borrowing for Damages and Claims is authorized to be issued and the proceeds used to fund settlement of the claims raised by the plaintiff in the lawsuit; and be it
Further Resolved, That the debt may be issued as Notes pursuant to Resolution Number 191403 (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 necessary transfers to the appropriate accounts or fund to disperse the settlement amount.
Requestor
Budget and Management Division
City Attorney
Drafter
NEG
October 9, 2020
1032-2017-1371/271550