Number
250007
Version
Substitute 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution relating to authorizing up to $6,960,600 of 2025 contingent borrowing to cover unanticipated funding shortfalls for the settlement of the lawsuit entitled Wilber v. City of Milwaukee, et al.
Analysis
Common Council File Number 250047 authorizes the settlement of claims in the lawsuit entitled Danny Wilber v. City of Milwaukee, et al., Eastern District of Wisconsin Court Case Number 23-CV-0951.This file provides additional funding for the settlements using Contingent Borrowing.
Body
Whereas, Common Council File Number 250047 authorizes the settlement of claims in the lawsuit entitled Danny Wilber v. City of Milwaukee, et al., Eastern District of Wisconsin Court Case Number 23-CV-0951, and additional amounts are necessary for the Damages and Claims Fund Special Purpose Account; and
Whereas, the 2025 Budget of the City of Milwaukee authorizes $200,000,000 of Contingent Borrowing for purposes not contemplated at the time the budget was adopted, and Resolution File Number 241324 authorizes 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 up to $6,960,600 of Contingent Borrowing to fund settlement of the above-noted claim; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that up to $6,960,600 of Contingent Borrowing for Damages and Claims is authorized to be issued and the proceeds used to fund settlements of claims; and be it
Further Resolved, That the debt may be issued as Notes pursuant to Resolution Number 241324 (including direct loan notes), and that such debt shall be a purpose of Contingent Borrowing - Unallocated in Exhibit A of the resolution, including refunding of direct loan notes if the debt is temporarily issued as direct loan notes; and be it
Further Resolved, That the direct l...
Click here for full text