Number
171004
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing up to $2 million dollars of 2017 contingent borrowing for damages and claims.
Analysis
Common Council File Number _____ authorizes the settlement of the claims raised by the plaintiff, William Damon Avery, in the lawsuit entitled William Avery, et al. v. City of Milwaukee, et al., Case No. 11-CV-0408-JPS in the United States District Court for the Eastern District of Wisconsin. The City of Milwaukee and Mr. Avery agreed to a settlement in the amount of $1,987,012 regarding resolution of his claims. The City will fund the settlement using Contingent Borrowing.
Body
Whereas, Common Council File Number _____ authorizes the settlement of the lawsuit entitled William Avery, et al. v. City of Milwaukee, et al., Case No. 11-CV-0408-JPS; and
Whereas, The agreed $1,987.012 settlement amount exceeds the available balance in the Damages and Claims Fund Special Purpose Account (001-1490-S118-006300); and
Whereas, The 2017 Budget of the City of Milwaukee authorized $200,000,000 of Contingent Borrowing for purposes not contemplated at the time the budget was adopted; and
Whereas, Resolution File Number 161127 authorized the issuance of general obligation promissory notes for various public purposes, including Contingent Borrowing as may be authorized from time to time; and
Whereas, The City desires to use up to $2 million dollars of Contingent Borrowing to fund settlement of the above-noted lawsuit; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that up to $2,000,000.00 of Contingent Borrowing for Damages and Claims is authorized to be issued and the proceeds used to fund settlement of the claims raised by the plaintiff, William Damon Avery, in the lawsuit; and be it
Further Resolved, That the debt may be issued as Notes pursuant to Resolution Number 161127 (including direct loan notes), and that such debt shall be a purpose of Contingent B...
Click here for full text