Number
131773
Version
Original
Reference
131772
Sponsor
The Chair
Title
Resolution authorizing $3,747,541 of contingent borrowing for the remission of taxes fund.
Analysis
This resolution authorizes $3,747,541 of Contingent Borrowing to fund the property tax lawsuits against the City by Walgreen Co as authorized by file 131772.
Body
Whereas, File 131772 authorizes $3,747,541 for the settlement of all outstanding excessive assessment claims and lawsuits against the City by Walgreen Co.; and
Whereas, The City will recoup approximately 68% of the settlement from the other taxing jurisdictions; and
Whereas, The 2014 Budget of the City includes $200,000,000 of Contingent Borrowing for purposes not contemplated at the time of the adoption of the 2014 Budget, and the Common Council desires to use $3,747,541 of Contingent Borrowing for the remission of taxes fund to provide for the settlement; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby authorizes up to $3,747,541 of Contingent Borrowing for the purpose of remission of taxes; and, be it
Further Resolved, That any recoupment of the settlement from other taxing jurisdictions shall be deposited to the debt service fund to repay the debt issued; and, be it
Further Resolved, That the debt may be issued as Notes pursuant to Resolution Number 131210 (including commercial paper notes), and such debt shall be a purpose of Contingent Borrowing - Unallocated in Exhibit A of the resolution, including refunding of commercial paper if the debt is temporarily issued as commercial paper.
Requestor
Comptroller
Drafter
Comptroller
RSL
PD-8088aW.rtf
Clerical Correction -- jro -- 04/08/14