NUMB:
980353
VERS:
ORIGINAL
REF:
XXBY:
THE CHAIR
TITL:
Resolution appropriating an amount not to exceed $7.1 million from the Borrowed Money Fund for the purpose of paying the judgment in Cement Division, National Gypsum Co. v. City of Milwaukee, and authorizing the appropriate city officials to satisfy the judgment. (City Attorney)
ANLS:
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- Analysis -
This resolution appropriates an amount not to exceed $7.1 million from the Borrowed Money Fund for the purpose of paying the judgment in Cement Division, National Gypsum Co. v. City of Milwaukee, and authorizes the appropriate city officials to satisfy the judgment.
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BODY:
Whereas, On May 28, 1998, the United States Court of Appeals for the Seventh Circuit affirmed the judgment of the district court and awarded to National Gypsum the amount of $6,497,641.00 as prejudgment interest calculated from December, 1992 until paid; and
Whereas, The City is obligated to pay the judgment of $6,497,641.00, with interest in the amount of 5.64% from January 31, 1997 until paid; and
Whereas, The City Attorney, recommends and the Common Council of the City of Milwaukee deems it expeditious and just to pay this judgment; now, therefore, be it
Resolved, That a sum not to exceed $7.1 million be and hereby appropriated from the Borrowed Money Fund to the Damages and Claims Fund Special Purpose Account No. 01-149-0-6382--013-8001 for the purpose of satisfying the aforementioned judgment; and, be it
Further Resolved, By the Common Council of the City of Milwaukee that the proper city officers be and hereby are authorized and directed to issue a check in an amount not to exceed $7.1 million, payable to J&H Marsh & McLennan, representatives of the plaintiffs, as payment of the judgment in Cement Division, National Gypsum Co. v. City of Milwaukee, said check to be d...
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