HomeMy WebLinkAboutCity of Tamarac Resolution R-85-356Introduced by: /li Temp. #3873
Rev. 11/13/85
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-85-3.5r(
A RESOLUTION REGARDING THE ESM LITIGATION,
ACCEPTING THE TERMS OF THE FIRST DISTRIBUTION
OF ASSETS AND SETTLEMENT AND AUTHORIZING THE
CITY'S SPECIAL LEGAL COUNSEL TO CONTINUE ITS
EFFORTS FOR FURTHER RECOVERY ON BEHALF OF THE
CITY; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City is involved in bankruptcy litigation
against ESM and related entities; and
WHEREAS, the Bankruptcy Receiver, Thomas Tew has
proposed an initial settlement including the distribution of
35 million dollars, 25 million of which will be distributed
to the "public body group;" and
WHEREAS, Tamarac's share of the distribution is in
excess of 1 million dollars; and
WHEREAS, after discussion with special legal counsel it
has been determined to be in the City's best interest that
the terms of the first distribution of assets be accepted.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF TAMARAC, FLORIDA:
SECTION 1: That the terms of the First Distribution of
Assets and settlement are hereby accepted.
=ION._ 2: That the appropriate city officials are
authorized and directed to sign the necessary documents.
SECN19N__.: That Morgan, Lewis and Bockius, Special
Counsel to the City, is authorized to continue its efforts in
the courts to take appropriate action to obtain further
recovery on behalf of Tamarac.
SECTION A: This Resolution shall become effective
immediately upon passage.
PASSED, ADOPTED AND APPROVED
1985.
I HEREBY CERTIFY that I have
approved the fo and correct-
ness of this REOLUTION.
C
1282R111385/t
this day
RECORD OF COUNCIL VOTE
MAYOR: KRAVITZ__
DIST 4: C/M STEIN
DIST 3: CV GOTTESMAN
DIST 2: Q1M MUNITZ o_
DIST 1: V/M -MASSARQ
VU I