HomeMy WebLinkAbout00-04 - Settlement Agreement - OC Bankruptcy and Authorizing Finance DirectorRESOLUTION NO. O O -4
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, APPROVING THE RELEASE
AND SETTLEMENT AGREEMENT RELATING TO THE
ORANGE COUNTY BANKRUPTCY AND AUTHORIZING THE
CITY FINANCE DIRECTOR TO RECEIVE THE'DISTRIBUTION
OF MONIES.
THE CITY COUNCIL OF THE CITY .OF COSTA MESA DOES HEREBY RESOLVE
AS FOLLOWS:
WHEREAS, the City of Costa Mesa is an Option A Pool Participant, as that term
is defined in the Second Amended Plan of Adjustment ("Plan") for the County of
Orange ("County"); and
WHEREAS, the Representative, as that term is used in the Plan, has served a
Notice of Motion and Motion of the Representative for Order Approving (1)
Distribution of Net Litigation Proceeds; (2) Distribution in respect of Assigned Excluded
Claims; (3) The Representative's Fee; (4) Certain Other Actions of the Representative;
and (5) The Representative's Final Report (".Final Report Motion"); and
WHEREAS, The Pool Committee and the County have served a Notice of
Motion and Joint Motion for Order Approving Compromise Regarding Additional Funds
and Reclassification of Claims ("Additional Funds Motion"), which motion describes
the proposed division of certain "Additional Funds"; and
WHEREAS, the City of Costa Mesa is entitled to a distribution of Net Litigation
Proceeds, Additional Funds and other funds as described in the Final Report Motion
and the Additional Funds Motion;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City, of Costa
Mesa as follows:
1. That Finance Director Marc Puckett is hereby designated to receive all
distributions made pursuant to (i) the Final Report Motion or any order of
the Bankruptcy Court relating thereto; and/or (ii) the Additional Funds
Motion or any order of the Bankruptcy Court relating thereto.
2. That all distributions to which the City of Costa Mesa is entitled under or
pursuant to the Final Report Motion and/or the Additional Funds Motion
should be delivered to Finance Director Marc Puckett.
3. That the form of the Release and Settlement Agreement which is
attached to the Additional Funds Motion be and hereby is approved, and
that the Mayor is hereby authorized and directed to execute and deliver
the Release and Settlement Agreement on behalf of the City of Costa
Mesa.
PASSED AND ADOPTED this 7th day of February, 2000
Ma of a City of Costa Mesa
ATTEST:
Deputy City Cqrk of the City of Costa Mesa A, -PROVED AS 1-0 F041
CITY ATTO RN E'Q�,, ,:
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City Council
of the City of Costa Mesa, hereby certify that the above and foregoing
Resolution No. DO _ k1 was duly and regularly passed and adopted by the said City
Council at a regular meeting thereof, held on the r day of February, 2000.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of
the City of Costa Mesa this a day of February, 2000.
Deputy City1 rk and ex -officio Clerk of
the City Cou c I of the City of Costa Mesa