Number
161353
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing $2.5 million dollars of 2017 contingent borrowing for damages and claims.
Analysis
Common Council File Number 161352 authorizes the settlement of the claims raised by the plaintiff, Iema Lemons, in the lawsuit entitled Iema Lemons v. City of Milwaukee, et al., Case No. 13-CV-331 in the United States District Court for the Eastern District of Wisconsin. The City of Milwaukee and Ms. Lemons agreed to a $2.5 million dollar settlement amount regarding resolution of her claims. The City will fund the settlement using Contingent Borrowing.
Body
Whereas, Common Council File Number 161352 authorizes the settlement of the lawsuit entitled Iema Lemons v. City of Milwaukee, et al., Case No. 13-CV-331; and
Whereas, The agreed $2.5 million dollar settlement amount exceeds the available balance in the Damages and Claims Fund Special Purpose Account (001-1490-S118-006300); and
Whereas, The 2017 Budget of the City of Milwaukee authorized $200,000,000 of Contingent Borrowing for purposes not contemplated at the time the budget was adopted; and
Whereas, Resolution File Number 161127 authorized the issuance of general obligation promissory notes for various public purposes, including Contingent Borrowing as may be authorized from time to time; and
Whereas, The City desires to use $2.5 million dollars of Contingent Borrowing to fund settlement of the above-noted lawsuit; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that up to $2,500,000.00 of Contingent Borrowing for Damages and Claims is authorized to be issued and the proceeds used to fund settlement of the claims raised by the plaintiff, Iema Lemons, in the lawsuit; and, be it
Further Resolved, That the debt may be issued as Notes pursuant to Resolution Number 161127 (including direct loan notes), and that such debt shall be a purpose of Contingent Borrowing - Unallocated in Exhibit A of the...
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