NUMB:
971302
VERS:
SUBSTITUTE 1
REF:
XXBY:
THE CHAIR
TITL:
Substitute resolution to transfer Water Works' funds to the City General Fund so the City can reimburse the Water Works for unrecovered water charges related to Wisconsin Paperboard Corporation.
ANLS:
- Analysis -
This resolution transfers Water Works' funds to the City's Unrecovered Water Rates Special Purpose Account to enable City reimbursement to the Water Works for the unrecovered cooling water charges that were incurred by Wisconsin Paperboard Corporation ("Company") while the Wisconsin Department of Natural Resources performed a feasibility study concerning removal of the North Avenue Dam. The City agreed to provide the cooling water to the Company at discounted rates pursuant to a Cooperation Agreement with the Company. The Water Works' revenue deficit occasioned by the unrecovered water rates from the Company are to be made up by a withdrawal from this Special Purpose Account. The Special Purpose Expenditure is offset by the transfer from the Water Works' retained earnings to the City's General Fund.
BODY:
Whereas, The City of Milwaukee, on December 14, 1990, opened the gates of the North Avenue Dam to drain the upstream impoundment to facilitate the installation of a 42-inch water main across the river bottom; and
Whereas, The State of Wisconsin Department of Transportation began reconstruction of the North Avenue Bridge at the same approximate time; and
Whereas, Wisconsin Paperboard Corporation ("Company") has a paper-making facility bordering the Milwaukee River north of North Avenue and had been drawing cooling water from the Dam impoundment in connection with the operation of its business; and
Whereas, With the gates of the Dam open, the river assumed its natural course and the Company suddenly lost its ability to draw cooling water from the impounded river; and
Whereas, The Milwaukee Water Works sought and obtained authorization from the W...
Click here for full text