NUMB:
990839
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution authorizing the issuance and sale of general obligation short-term promissory notes under sec. 67.12(12), Stats., a current municipal expense, to wit: partial satisfaction of a judgment against the City of Milwaukee. (Comptroller)
ANLS:
On January 28, 1997, a judgment was entered in the case of Milwaukee Police Supervisors' Organization v. City of Milwaukee and the Employes' Retirement System/Annuity and Pension Board, Circuit Court Case No. 95-CV-011251. As part of the judgment the court enjoined the merger of the Special Disability Fund with the Retirement Fund and required the City to make contributions required by the actuary to the separate funds. On appeal the judgment was modified to uphold the combined fund for employees hired after January 31, 1996. On January 12, 1998, judgment was entered in Milwaukee Employes' Retirement System/Annuity and Pension Board v. City of Milwaukee, Case No. 97-CV-000685, deciding that the City was obligated to pay performance fees incurred by the Employes' Retirement system in 1997. This resolution authorizes the City to borrow up to $10,100,000 to pay uncontested special disability contributions for 1996 and 1997, the combined fund contribution for 1997 and performance fees for 1997 together with statutory interest.
BODY:
Whereas, The 1999 budget of the City of Milwaukee authorizes contingent borrowing in the form of general obligation bonds or notes, for any purposes not contemplated at the time the budget was adopted in the sum of $10,100,000; and
Whereas, The Common Council is desirous of issuing and selling promissory notes for a current municipal expense, to wit: partial satisfaction of a judgment against the City of Milwaukee; and
Whereas, Rule 15c2-12 promulgated by the United States Securities and Exchange Commission under the Securities and Exchange Act of 1934, as amended, does not permit an underwriter to purchase, af...
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