HomeMy WebLinkAboutCity of Tamarac Resolution R-86-431I rI
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Introduced by: 6/11 Temp. Reso. #4327
CITY OF TAMARAC, FLORIDA
RESOLUTION NO. R-86-_2�3(
A RESOLUTION APPROVING AND AUTHORIZING THE
APPROPRIATE CITY OFFICIALS TO EXECUTE A
PUBLIC BODY CREDITORS ALLOCATION AGREEMENT
WITH REGARD TO JUDGMENT, BETWEEN WILDMAN,
HARROLD, ALLEN, DIXON & McDONNELL AND THE
CITY OF TAMARAC, PERTAINING TO JUDGMENT 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 -a: That the City Council of the City of Tamarac
hereby approves a Public Body Creditors Allocation Agreement
With Regard To Judgment, between Wildman, Harrold, Allen,
Dixon & McDonnell and the City of Tamarac, pertaining to
judgment of the Fidata Trust Company and/or affiliates
(collectively "Bradford") litigation; attached hereto and
made a part hereof as Exhibit "A";
SEMON 2: That the appropriate City Officials are
hereby authorized to execute said Agreement.
SECT: This Resolution shall become effective
immediately upon adoption.
PASSED, ADOPTED AND APPROVED this,,:�L,.day of 1986.
4�IBERWARn HART
MAYOR
ATTEST:
A SIMftBRVTCLERK
I HEREBY CERTIFY that I have
approved the form and correct-
ness of this RESOLUTION.
A. ANT \8L ATE
C Y ATTO Ngy
MAYOR: HART
DIST. 1: C/W MASSARO
DIST. 2: V/M STELZER ._..
DIST. 3: C/M GOTTESMAN
D!ST. 4: C/M STEIN
1101303/rms
0 SCHEDULE E
a'0��5o 8b,
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PUBLIC BODY CREDITORS ALLOCATION AGREEMENT
WITH REGARD TO JUDGMENT
1I
THIS ALLOCATION AGREEMENT among the signatories hereto
is dated as of November, 1986.
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 as a result of judgment 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 in and to the recovery through judgment by any party
hereto, shall be fixed according to the percentage that each
party's net equity claim at the time of distribution of proceeds
under this Agreement 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 forth in paragraphs 9 and 10 of
the Attorney -Client Agreement, recovered by any party to this
Agreement through judgment against Bradford, shall be allocated
among the parties according toa party's percentage share
(hereinafter distribution proceeds„ ).
2. In the event there are unpaid at the time of
distribution any fees or expenses, other than as provided in
paragraph 1 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
portion 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 judgment 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 judgment by any party hereto against Bradford.
Nothing herein shall constitute an admission or declaration of any
kind by any party hereto in any proceeding.
5. This Agreement may be executed in counterparts,
each of which shall be deemed an original and all of which 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.
6. This Agreement 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 TOLEDO, OHIO
BY:
CLALLAM COUNTY, WASHINGTON
BY:
•
JEFFERSON COUNTY, WASHINGTON
BY:
PUBLIC UTILITY DISTRICT NO. 1
OF CLALLAM COUNTY, WASHINGTON
BY:
CHELAN COUNTY, WASHINGTON
BY:
CLALLAM COUNTY PUBLIC UTILITY
DISTRICT NO. 1, SELF INSURANCE
0 BY:
CLARK COUNTY, NEVADA 0
BY:
CITY OF POMPANO BEACH, FLORIDA
BY:
BOARD OF EDUCATION, MEMPHIS
CITY SCHOOLS
BY:
CITY OF TAMAR.AC, FLORI A
BY:
CITY OF HARRISBURG, PENNSYLVANIA
BY:
DAUPHIN COUNTY, PENNSYLVANIA
BY:
CITY OF ALLENTOWN, PENNSYLVANIA
BY:
0