NUMB:
980398
VERS:
Substitute 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution authorizing an Intergovernmental Cooperation Agreement between the City of Milwaukee and the Employes' Retirement System and Annuity and Pension Board and appropriating a sum not to exceed $3,500,000 from the borrowed money fund to make payments under the agreement.
ANLS:
Analysis
This substitute resolution authorizes the City to pay the judgment in the case of Milwaukee Employes' Retirement System and Annuity and Pension Board v. City of Milwaukee, Circuit Court Case No. 97-CV-000685, without prejudicing it the right to appeal. In the event the judgment is reversed, the amount paid, together with earnings thereon, would be returned to the City.
BODY:
Whereas, The Circuit Court of Milwaukee County entered a judgment against the City in the case of Milwaukee Employes' Retirement System and Annuity and Pension Board v. City of Milwaukee, Circuit Court Case No. 97-CV-000685; and
Whereas, The City of Milwaukee has appealed such judgment; and
Whereas, The City is desirous of paying such judgment so as to avoid interest costs without prejudicing its right to appeal; now, therefore, be it
Resolved, That $3,500,000 be and hereby is appropriated from the borrowed money fund for the purpose of making payments under the aforementioned agreement; and, be it
Further Resolved, By the Common Council of the City of Milwaukee that the Intergovernmental Cooperation Agreement attached hereto, be and hereby is approved and the City Attorney's Office is authorized to execute same on behalf of the City.
ZDPT:
Budget
DFTR:
City Attorney
#11047/TEH:kef/Int.Agmt.ERS
6/5/98