HomeMy WebLinkAboutResolution 1996-0025-3RESOLUTION NO.96-25-3
APPROVING JOINT AGREEMENT FOR RESOLUTION OF
CLAIMS AGAINST THE COUNTY OF ORANGE
A RESOLUTION OF THE BOARD OF DIRECTORS OF
COUNTY SANITATION DISTRICT NO.3 OF ORANGE
COUNTY,CALIFORNIA APPROVING THE JOINT
AGREEMENT OF THE COUNTY OF ORANGE,THE
OFFICIAL INVESTMENT POOL PARTICIPANTS’
COMMITTEE AND EACH OPTION A POOL PARTICIPANT
FOR RESOLUTION OF CLAIMS AGAINST THE COUNTY
OF ORANGE
WHEREAS,on April 12,1995,the Board of Directors of County Sanitation
District No.3 of Orange County,California,approved that certain Comprehensive
Settlement Agreement between the County of Orange and the Orange County
Investment Pools and each of the depositors in the Pool,including County Sanitation
District No.3;and,
WHEREAS,on April 12,1995,the Board of Directors of County Sanitation
District No.3 of Orange County,California further elected to become a Settling Pool
Participant under Option A of the Comprehensive Settlement Agreement;and,
WHEREAS,the County of Orange (the “County”)has been engaged in the
process of developing a recovery plan as a means for resolution,in part,of claims
against the County;and,
WHEREAS,one alternative to the County’s recovery plan relied upon the
diversion of future tax revenues from other local governmental entities within the
County,including County Sanitation District No.3;and,
WHEREAS,in order to limit or prohibit the County’s access to assets and
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revenues of special districts and cities,including County Sanitation District No.3,most
of which suffered substantial losses as a result of the collapse of the Orange County
Investment Pool,the Orange County Investment Pool Participant Committee,of which
County Sanitation District No.3 is a Settling Pool Participant,negotiated terms and
conditions of a Joint Agreement,which it has recommended be approved;and,
WHEREAS,said Joint Agreement addresses the treatment of the remaining
claims of Option A Pool Participants allowed under the Comprehensive Settlement
Agreement,and certain other specific matters related to the investments of the Pool
Participants;and,
WHEREAS,the Board of Directors of County Sanitation District No.3 has
determined that the terms of the Joint Agreement will provide a high likelihood of the
District obtaining all or most of the remaining claim against the County and is in the best
interests of the District.
NOW,THEREFORE,the Board of Directors of County Sanitation District No.3 of
Orange County,California,
DOES HEREBY RESOLVE,DETERMINE AND ORDER:
Section 1 That that certain Agreement entitled Joint Agreement of the County
of Orange,the Official Investment Pool Participants’Committee and Each Option A Pool
Participant for Resolution of Claims Against the County of Orange,is hereby approved
and accepted.
Section 2 That the Chair of District No.3 is hereby authorized and directed to
execute said Joint Agreement in a form approved by the General Counsel.
PASSED AND ADOPTED at a regular meeting held February 28,1996.
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STATE OF CALIFORNIA)
)SS.
COUNTY OF ORANGE
1,PENNY KYLE,Secretary of the Board of Directors of County Sanitation
District No.3 of Orange County,California,do hereby certify that the foregoing
Resolution No.96-25-3 was passed and adopted at a regu’ar meeting of said Board
on the 28th day of February,1996,by the following vote,to wit:
AYES:Sal A.Sapien,Chair,Walter K.Bowman,John Collins,
Burnie Dunlap,James H.Flora,Victor Leipzig,Pat McGuigan,
Chris Norby,Sheldon S.Singer,Roger R.Stanton,Bob Zemel
NOES:Don R.Griffin,Margie L.Rice
ABSENT:George Brown,Wally Linn,Charles E.Sylvia
IN WITNESS WHEREOF,I have hereunto set my hand and affixed the official
seal of County Sanitation District No.3 of Orange County,California,this 28th day
of February,1996.
Penny Kyle,re
Board of Di tor f County Sanitation
District No.3 of Orange County,California
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