Number
190198
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing up to $2,050,000 of 2019 contingent borrowing for damages and claims.
Analysis
Common Council File Number 190197 authorizes settlement of the claims raised in the lawsuit entitled Estate of Derek Williams, Jr., et al. v. City of Milwaukee, et al., USDC Case No. 16-C-869, which is pending in the United States District Court for the Eastern District of Wisconsin. The City of Milwaukee and the plaintiffs have agreed to settle this case for the amount of $2,050,000, which includes attorney fees and costs. The City will fund the settlement using Contingent Borrowing.
Body
Whereas, Common Council File Number 190197 authorizes settlement of the lawsuit entitled Estate of Derek Williams, Jr., et al. v. City of Milwaukee, et al., USDC Case No. 16-C-869; and
Whereas, The agreed $2,050,000 settlement amount exceeds the available balance in the Damages and Claims Fund Special Purpose Account (001-1490-S118-006300); and
Whereas, The 2019 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 181363 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 $2,050,000 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 $2,050,000 of Contingent Borrowing for Damages and Claims is authorized to be issued and the proceeds used to fund settlement of the claims, including those for attorney fees and costs, raised in the above-noted lawsuit; and, be it
Further Resolved, That the debt may be issued as Notes pursuant to Resolution Number 181363 (including direct loan notes), and that such debt shall b...
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