HomeMy WebLinkAboutCity of Tamarac Resolution R-86-430Introduced by: _ Temp. Reso. #431¢
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CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-86- ` —30
A RESOLUTION APPROVING AND AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO EXECUTE A
PUBLIC BODY CREDITORS ALLOCATION AGREEMENT
WITH REGARD TO SETTLEMENT, BETWEEN WILDMAN,
HARROLD, ALLEN, DIXON & MCDONNELL AND THE
CITY OF TAMARAC, PERTAINING TO SETTLEMENT OF
THE FIDATA TRUST COMPANY AND/OR AFFILIATES
(COLLECTIVELY "BRADFORD") LITIGATION; AND
PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
TAMARAC, FLORIDA:
SECTION 1: That the City Council of the City of Tamarac
hereby approves a Public Body Creditors Allocation Agreement
With Regard To Settlement, between Wildman, Harrold, Allen,
Dixon & McDonnell and the City of Tamarac, pertaining to
settlement of the Fidata Trust Company and/or affiliates
(collectively "Bradford") litigation; attached hereto and
made a part hereof as Exhibit "A";
SECTION_-_2: That the appropriate City Officials are
hereby authorized to execute said Agreement.
EECT_iQN 3: This Resolution shall become effective
immediately upon adoption.
PASSED, ADOPTED AND APPROVED this2__!�_day of '� 1986.
ATTEST:
CAROL E. BARBUTO
ASSISTANT CITY CLERK
I HEREBY CERTIFY that I have
approved the form and correct-
ness of this RESOLUTION.
A. X E TE
CI ATTO EY
1101302/rms
MAYOR: HART
DIST. 1: C/W MASSARO
DIST. 2: V/M STELZER 0
DIST, 3: C/M GUTMAN
DIST. 4: C/M STEIN
SCHEDULE D
•
PUBLIC BODY CREDITORS ALLOCATION AGREEMENT
WITH REGARD TO SETTLEMENT
f'G - IS6
THIS ALLOCATION AGREEMENT among the signatories hereto
is dated as of November pia , 1986.
i WHEREAS, the parties hereto desire to compromise and
avoid any disputes which may arise among .them from any party's
assertion of priority or relative superiority of its claim to any
proceeds recovered by settlement of claims against Fidata Trust
Company and/or affiliates (collectively "Bradford"); and
WHEREAS, the parties desire that such compromise be
effected by fixing in advance the percentage share of any such
recovery to be allocated to each party; and
WHEREAS, the parties desire that the percentage share of
each party shall be fixed according to the ratio that each party's
remaining allowed net equity claim at the time of distribution
bears to the total of all remaining allowed net equity claims of
signatories (hereinafter "percentage share") in the Chapter 7
Estate of E.S.M. Government Securities, Inc. proceedings; and
NOW, THEREFORE, in consideration of the foregoing, the
parties hereby agree as follows:
1. Any proceeds, less the sum to Lead Counsel and
for expense reimbursement as set Earth 3n paragraphs 9 and 10 of
the Attorney -Client Agreement (deductions under paragraphs 9 and
10 shall not be applicable when calculating the distribution
proceeds for Beaumont), recovered by the Public Body Creditors
•
through any settlement with Bradford shall be allocated among the
parties according to a party's "percentage share" (hereinafter
114istri.b11t4cn proceeds") .
Z. In the event there are unpaid at the time of
distribution any fees or expenses, other than as provided in
paragraph I above, pursuant to the Attorney -Client Agreement, such
shall be deducted from the debtor party's share of "distribution
proceeds".
3. In order to make distribution of the major
porticn.of the proceeds as quickly as possible, Liaison counsel as
Public Body Distribution Agent shall hold back $50,000.00 from the
proceeds of the settlement to cover expenses not yet calculated or
received prior to the date of initial distribution. Once all
expenses have been finalized, each party's share of said expenses
shall be deducted from the hold -back and the remaining proceeds
will be distributed in accordance with this Agreement.
4. All matters and representations contained herein
are solely for purposes of allocating in advance each Public Body
Creditor's percentage, share of the ultimate proceeds recovered
through any settlement with Bradford. Nothing herein shall
constitute an admission or declaration of any kind by any party
hereto in any proceeding.
S. This Agreement may be executed in counterparts,
oath of Mich shall be deemed an original and all of tivhich shall
constitute one Agreement. By signing this Agreement, each party
represents and warrants to all other parties that its execution of •
this Agreement is duly authorized and in accordance with
applicable laws relating to such, that this Agreement is fully
• enforceable according to its terms against each executing party,
and that the individual executing on its behalf has the requisite
power and authority to do so.
�. 'This ltgree nt shall be binding upon and shall
inure to the benefit of the successors, legal and personal
representatives, and assigns of the parties hereto.
7. WHEREFORE, the parties hereto have affixed their
hands as of the date first above written.
CITY OF BEAUMONT, TEXAS
BY:
CITY OF TOLEDO, OHIO
• - BY:
CLALLAM COUNTY, WASHINGTON
BY:
JEFFERSON COUNTY, WASHINGTON
BY:
PUBLIC UTILITY DISTRICT NO
OF CLALLAM COUNTY, WASHINGTON
BY:
CHELAN COUNTY, WASHINGTON
BY:
0
CLALLAM COUNTY PUBLIC UTILITY
DISTRICT NO. 1, SELF INSURANCE
- BY:
CLARK COUNTY, NEVADA
BY:
CITY OF POMPANO BEACH, FLORIDA
BY:
BOARD OF EDUCATION, MEMPHIS
CITY SCHOOLS
BY: •
CITY OFPAMARAC, LOT%lr.IA
BY: 7 .!A-
V -- -- M r4YO
CITY OF HARRISBURG, PENNSYLVANIA
BY:
DAUPHIN COUNTY, PENNSYLVANIA
BY:
CITY OF AL ENTOWN, PENNSYLVANIA
BY: