Number
080949
Version
Original
Reference
080869
Sponsor
The Chair
Title
Resolution to authorize up to $1.6 million dollars of contingent borrowing to fund the settlement of the lawsuit entitled Estate of Justin Fields v. Nawotka, et. al.
Analysis
The Common Council of the City of Milwaukee adopted File Number 080869 on November 25, 2008, and that file authorized settlement of the lawsuit entitled Estate of Justin Fields v. Nawotka, et. al., Case No. 03-C-1450. The City and Plaintiff agreed to a $1.6 million dollar settlement amount. The City will fund the settlement using Contingent Borrowing.
Body
Whereas, Common Council File Number 080869, adopted on November 25, 2008, authorized settlement of the lawsuit entitled Estate of Justin Fields v. Nawotka, et al., Case No. 03-C-1450; and
Whereas, The agreed $1.6 million dollar settlement amount exceeds the available balance in the Damages and Claims Fund Special Purpose Account (0001-1490-S118-006300); and
Whereas, The 2008 Budget of the City of Milwaukee authorizes $110,000,000 Contingent Borrowing for purposes not contemplated at the time of adoption of the budget; and
Whereas, Resolution File Number 071100 authorized the issuance of general obligation promissory notes for various public purposes (the “Note Resolution”), not all of which will be needed in the next 12 months; and
Whereas, The City desires to use $1.6 million dollars of Contingent Borrowing to fund settlement of the lawsuit, to issue Contingent Borrowing within the amount authorized by the Note Resolution, and for the Contingent Borrowing to replace other purposes in the Note Resolution that will not be needed in the next 12 months; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that $1,600,000.00 of Contingent Borrowing (the “Borrowing”) is authorized to be used to fund the settlement of this lawsuit; and, be it
Further Resolved, That the Borrowing is an additional authorized borrowing purpose for the general obligation promissory notes authorized to be issued by Resolution File Number 071100, and that the Borrowing may be issued pursuant to the resolution within the aggregate amount of general obligation promissory notes authorized to be issued therein; and, be it
Further Resolved, That the proper City officers are authorized to make necessary transfers to the appropriate accounts or funds to dispense the settlement amount.
Requestor
Budget and Management Division
Drafter
JJL:DJS:DAY:MPN:dmr
Ref: 08XXX
October 24, 2008
finance: ContingentBorrowingFieldsSettlement.rtf
1032-2003-3770.001/138728