Number
090312
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution appointing a successor trustee for City debt.
Analysis
J.P. Morgan Trust Company has been serving as Trustee on various City debt issues. In 2006, J.P. Morgan sold its corporate trust business to Bank of New York pursuant to the terms of the original agreements. This resolution formally accepts the resignation of J.P. Morgan, and appoints Bank of New York as Successor Trustee.
Body
Whereas, J.P. Morgan Trust Company, National Association (“Resigning Trustee”) is appointed as Trustee on various issues of City Debt; and
Whereas, In 2006, the Resigning Trustee sold its Corporate Trust services to Bank of New York Mellon Trust Company, N.A. (“Successor Trustee”); and
Whereas, The Resigning Trustee desires to formally resign, and the Successor Trustee desires to formally be appointed as Trustee; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby and herewith aggress to accept the resignation of the Resigning Trustee, and appoints Successor Trustee pursuant to the terms of the Agreement of Resignation, Appointment and Acceptance (the “Agreement”) a form of which is attached to this file; and, be it
Further Resolved, That the Agreement is approved with such changes as determined by the City Attorney are in the best interest of the City, and that the City authorizes and directs the appropriate officers and employees of the City to take all action necessary or appropriate to execute and comply with the Agreement.
Requestor
Comptroller
Drafter
RSL
PD-7547aW.rtf