City of Milwaukee - File #: 030519

• File #: 030519
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 7/15/2003
• In control: FINANCE & PERSONNEL COMMITTEE
• Final action: 7/31/2003
• Title: Resolution approving a Cooperation Agreement between the City of Milwaukee (City), the Milwaukee Board of School Directors (Board), and the Redevelopment Authority of the City of Milwaukee (RACM) and authorizing the proper city officers to execute such agreement on behalf of the City. (Comptroller)
• Sponsors: THE CHAIR
• Indexes: INTERGOVERNMENTAL AGREEMENTS, MILWAUKEE PUBLIC SCHOOLS, REDEVELOPMENT AUTHORITY

Date	Ver.	Action By	Action	Result	Tally
8/11/2003	0	MAYOR	SIGNED
7/31/2003	0	COMMON COUNCIL	ADOPTED; Minutes note: Alderman Gordon moved that the Common Council do now resolve itself into a Committee of the Whole for the purpose of hearing from the City Comptroller relative to the foregoing matter. PROCEEDINGS OF THE COMMITTEE OF THE WHOLE Mr. Wally Morics, City Comptroller appeared and addressed the Committee relative to the foregoing matter. Alderman Nardelli moved that the Committee do now rise. Alderman Henningsen moved to refer File #030519 to the Finance & Personnel Committee. Failed. Ayes: 3 - Ald. Henningsen, Bohl and Sanchez Noes: 14 - Ald. Davis, Ald. D'Amato, Ald. Johnson-Odom, Ald. Gordon, Ald. Donovan, Ald. Richards, Ald. Wade, Ald. Dudzik, Ald. Witkowski, Ald. Breier, Ald. Nardelli, Ald. Murphy, Ald. Hines and President Pratt	Pass	17:0
7/30/2003	0	FINANCE & PERSONNEL COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
7/18/2003	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/18/2003	0	FINANCE & PERSONNEL COMMITTEE	HEARING NOTICES SENT
7/16/2003		FINANCE & PERSONNEL COMMITTEE	REFERRED TO
7/15/2003	0	COMMON COUNCIL	ASSIGNED TO

Number
030519
Version
ORIGINAL
Reference

Sponsor
THE CHAIR
Title
Resolution approving a Cooperation Agreement between the City of Milwaukee (City), the Milwaukee Board of School Directors (Board), and the Redevelopment Authority of the City of Milwaukee (RACM) and authorizing the proper city officers to execute such agreement on behalf of the City. (Comptroller)
Analysis

Milwaukee Public Schools (MPS) has an unfunded pension liability with the Wisconsin Retirement System. Recent legislation and a favorable interest rate market make it advantageous for MPS to finance the unfunded liability through the City and/or RACM. This agreement provides how the City, the Board, and RACM shall cooperate in proceeding with the evaluation and execution of the financing. Future action of the City, the Board, and RACM is required to execute the financing.

Body

Whereas, Milwaukee Public Schools (MPS) has an unfunded pension liability with the Wisconsin Retirement System estimated at $172,217,595 on December 31, 2002 unfunding actuarial liability (UAL); and

Whereas, The State of Wisconsin has recently adopted legislation that permits financing the UAL with debt issued by the City and/or RACM; and

Whereas, Interest rates are currently favorable for the financing of the UAL with debt; and

Whereas, The Board is desirous of exploring the feasibility of, and preparing for, a long-term financing of the UAL; and

Whereas, The City is willing to assist the Board in exploring the feasibility of, and preparing for, a long-term financing of the UAL; and

Whereas, A Cooperation Agreement between the Board, the City, and RACM has been prepared describing how the parties shall cooperate in exploring the feasibility of, and preparing for, a long-term financing of the UAL; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the Cooperation Agreement annexed to the file be and hereby is approved and the proper city offi...