Number
150187
Version
Original
Reference
150120 and 150116
Sponsor
The Chair
Title
Resolution authorizing $3,891,133.14 of contingent borrowing for the remission of taxes.
Sections
Analysis
This resolution authorizes $$3,891,133.14 of Contingent Borrowing to fund the settlement of the NNN Fast Food 74.37 lawsuits as authorized by Common Council resolution 150120 for $3,009,992.14 and the partial settlement of the billboard 74.37 lawsuit relating to bus shelters, destroyed billboards, and billboards not owned by the plaintiff as authorized by resolution 150116 for $881,141.
Body
Whereas, Resolutions 150120 and 150116 authorize $3,891,133.14 for the settlement of the 74.37 lawsuits against the city by NNN Fast Food 74.37 lawsuits and billboard 74.37 lawsuit relating to bus shelters, destroyed billboards, and billboards not owned by the plaintiff; and
Whereas, The 2015 budget of the city includes $200,000,000 of Contingent Borrowing for purposes not contemplated at the time of the adoption of the 2015 budget, and the Common Council desires to use $3,891,133.14 of Contingent Borrowing for remission of taxes to provide for the settlements; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that it hereby authorizes up to $3,891,133.14 of Contingent Borrowing for the purpose of remission of taxes; and, be it
Further Resolved, That the debt may be issued as Notes pursuant to Resolution Number 141362 (including commercial paper notes), and that 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; and, be it
Further Resolved, That payments received by other taxing jurisdictions for their portion of the remitted taxes be deposited into the Debt Service Fund.
Requestor
DOA Budget and Management Division
Drafter
Dennis Yaccarino
Assessor/2015/remission of taxes CC borrowing.r...
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