HomeMy WebLinkAboutCC RES 00-11 1 RESOLUTION NO. 00-11
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
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TUSTIN AUTHORIZING CERTAIN ACTIONS AND EXECUTION
4 OF DOCUMENTS RELATING TO THE FINAL REPORT OF THE
ORANGE COUNTY BANKRUPTCY AND RELATED
5 RECOVERY LITIGATION
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7 WHEREAS, the City of Tustin is an Option A Pool Participant, as that term is defined
..... inthe Second Amended .Plan of Adjustment for the.County of Orange; and
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WHEREAS, on February 2, 2000, Representative Thomas Hayes will seek court
9 approval of the Representative's Final Report, which sets forth all of the settlement and
10 litigation proceeds, together with all of the related earnings and expenses, and the proposed
allocation of the net amount to the City; and
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WHEREAS, the County of Orange and the Option A Pool Participants have agreed
12 that any funds relating to the liquidation of the Pools determined later to exist would be
13 "distribijted'one-h~alf"(1/2) ti~ the CoUnty' of Orange;' and one:half*(1/2) to-~the Option A Pool .....
Participants; and
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WHEREAS, additional funds have been determined to exist in the aggregate amount,
15 including interest earned, of $17,884,999.53; and
'16 ' WHEREAS, a Settlement Agreement has been submitted to the City', as an Option A
17 Pool Participant, in order to receive its share of the additional funds; and
18 WHEREAS, the City has been requested to accept the settlement and release; and
19 WHEREAS, the City has been further requested to designate certain individuals to
20 execute, on behalf of the City, any and all of the final documents and to accept possession of
the settlement proceeds.
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NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUSTIN, CALIFORNIA,
22 finds, determines and orders as follows:
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Section 1: That the City hereby accepts Representative Thomas Hayes' Final
24 Report, setting forth all of the settlement and litigation proceeds, together with all related
earnings and expenses, and the allocation of the net amount to the City.
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Section 2: That the City formally accepts the settlement and release, and approves
26 the Settlement Agreement and Limited Release re additional funds..
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1 Section 3: That William Huston, City Manager, Lois E. Jeffrey, City Attorney, and
Ronald Nault, Finance Director or any of them, are hereby authorized and directed to
2 execute any and all final documentation on behalf of the City.
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Section 4: That William Huston, City Manager, and Ronald Nault, Finance Director,
4 or either of them, are hereby authorized and directed to receive all distributions made
to the Final Report Motion, or any order of the Bankruptcy Court relating thereto;
5 and/or the Joint Motion by the Pool Committee and the County of Orange regarding the
6 division of certain additional funds, or any order of the Bankruptcy Court relating thereto.
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PASSED AND ADOPTED at a regular meeting of the City Council of the City of Tustin
8 on the 7th day of February ,2000.
10 EY, MAYOR
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12 ATTEST:- -
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PAMELA STOKER
15 CITY CLERK
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RESOLUTION CERTIFICATION
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF TUSTIN )
RESOLUTION NO. 00-11
Pamela Stoker, City Clerk and ex-officio Clerk of the City Council of the City of Tustin,
CalifOrnia, does hereby certify that the whole number of the members of the City CounCil is
five; that the above and'foregoing resolution was passed and adopted at a regular meeting of
the City Council held on the 7th day of February, 2000, by the following vote:
COUNCILMEMBER AYES: Worley, Thomas, Doyle, Potts, Saltarelti
'COUNCILMEMBER NOES: None
COUNCILMEMBER ABSTAINED None -
...... COUNCtt:M EMBER -ABSENT: .............None
Pamela Stoker, City Clerk