Number
210873
Version
Substitute 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing up to $900,000 of 2021 contingent borrowing for damages and claims.
Analysis
Common Council File Number 210872 authorizes contingent funds for the settlement of various claims against the City of Milwaukee. This file provides additional funding for the settlements using Contingent Borrowing.
Body
Whereas, Common Council File Number 210872 authorizes contingents funds for various settlement of claims against the City of Milwaukee, and additional amounts are necessary for the Damages and Claims Fund Special Purpose Account; and
Whereas, the 2021 Budget of the City of Milwaukee authorizes $200,000,000 of Contingent Borrowing for purposes not contemplated at the time the budget was adopted, and Resolution File Number 201030 authorizes 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 $900,000 of Contingent Borrowing to fund settlement of the above-noted claims; now therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that up to $900,000 of Contingent Borrowing for Damages and Claims is authorized to be issued and the proceeds used to fund settlements of claims; and be it
Further Resolved, That the debt may be issued as Notes pursuant to Resolution Number 201030 (including direct loan notes), and that such debt shall be a purpose of Contingent Borrowing - Unallocated in Exhibit A of the resolution, including refunding of direct loan notes if the debt is temporarily issued as direct loan notes; and be it
Further Resolved, That the direct loan notes may be issued by the Comptroller without approval of the Public Debt Commission; and be it
Further Resolved, That the proper City officers are authorized to make the necessary transfers to the appropriate accounts or fund to dispense the...
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