City of Milwaukee - File #: 010875

• File #: 010875
• Version: 1
• Type: Resolution
• Status: Placed On File
• File created: 10/12/2001
• In control: COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE
• Final action: 7/7/2004
• Title: Substitute resolution relating to designating public depositories for City of Milwaukee funds.
• Sponsors: ALD. SANCHEZ
• Indexes: BANKS AND LENDING INSTITUTIONS, DESIGNATION OF DEPOSITORIES, SOCIAL CONCERNS

Date	Ver.	Action By	Action	Result	Tally
2/11/2014	1	COMMON COUNCIL	ASSIGNED TO
7/7/2004	1	COMMON COUNCIL	PLACED ON FILE	Pass	15:0
6/29/2004	1	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR PLACING ON FILE	Pass	5:0
10/31/2001	1	CITY CLERK	DRAFT SUBMITTED
10/31/2001		ECONOMIC DEVELOPMENT COMMITTEE	REFERRED TO
10/17/2001		ECONOMIC DEVELOPMENT COMMITTEE	REFERRED TO
10/12/2001	0	COMMON COUNCIL	ASSIGNED TO

Number

010875

Version

SUBSTITUTE 1

Reference

970624

Sponsor

ALD. SANCHEZ

Title

Substitute resolution relating to designating public depositories for City of Milwaukee funds.

Analysis

This resolution removes Firstar/US Bank from the list of public depositories used by the City of Milwaukee as the result of its support of recently-enacted state legislation that placed financial institutions ahead of employes in the priority list of those who have filed liens against bankrupt corporations.

Body

Whereas, On October 27, 1999, the Wisconsin State Legislature enacted 1999 Wisconsin Act 9 which, among its provisions, placed financial institutions ahead of employes in the priority list of those who have filed liens against bankrupt companies; and

Whereas, Firstar/US Bank had a primary role in lobbying the legislature for this change; and

Whereas, This change has led to extreme hardship for workers throughout the State of Wisconsin, including 600 former employes of Pfister-Vogel Tannery, A.L. Gebbach and Steeltech; and

Whereas, By its actions, Firstar/US Bank has taken the position that human labor becomes part of the collateral for its loans, a position that is illogical, unethical and immoral; and

Whereas, The Milwaukee Common Council, with its adoption of Resolution File Number 970624 on July 25, 1997, established a list of financial institutions acceptable for use as depositories for public funds; and

Whereas, Firstar/US Bank, although included in Resolution File Number 970624, has demonstrated that it is not worthy of this designation; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that Resolution File Number 970624 is amended by deleting "Firstar Bank Milwaukee NA" from the list of those institutions included in the "Resolved" clause.

Drafter

LRB01495-1a

jro

10/19/01