Number
240280
Version
SUBSTITUTE 1
Reference
221722
Sponsor
THE CHAIR
Title
Substitute resolution transferring and appropriating funds related to the JUUL Labs, Inc. legal settlement to the Settlement Fund and establishing project accounts within the Settlement Fund for the expenditure of funds.
Analysis
This resolution authorizes the transfer of funds from the JUUL Labs, Inc. legal settlement Special Purpose Account to the Special Revenue Fund - Settlement Fund for further segregation and appropriation of funds to address, remedy, and abate the youth e-cigarette and vaping public health crisis in Milwaukee. This resolution establishes a parent project account within the Special Revenue Fund - Settlement Fund from which funds may be appropriated to City departments through Common Council action.
Body
Whereas, Common Council File No. 221722 authorized the settlement of the lawsuit entitled In re: Juul Labs Inc., Marketing, Sales Practices, and Products Liability Litigation, Case No. 3:19-md-02913, pending in the U.S. District Court for the Northern District of California; and
Whereas, File No. 221722 appropriated funds in the total amount of $2,473,772.52 to the JUUL Labs Settlement Proceeds Fund; and
Whereas, The City has received settlement payments totaling $1,287,213.99 to date; and
Whereas, The City Comptroller has determined it is appropriate to account for the JUUL Labs Settlement funds in the Special Revenue Fund - Settlement Fund; and
Whereas, The appropriation and expenditure of JUUL Labs, Inc. and other vaping settlement funds will be authorized by the Common Council through future resolutions; and
Whereas, Section 304-91 of the Milwaukee Code of Ordinances establishes procedural guidelines related to the expenditure of funds to be reimbursed by greater than anticipated revenue; and
Whereas, The City Comptroller has certified that greater than anticipated revenue up to the amount of $2,473,772.52 pursuant to s. 304-91, and
Pursua...
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