HomeMy WebLinkAboutOCSD 00-02RESOLUTION NO.OCSD 00-02
AUTHORIZING CERTAIN ACTIONS AND EXECUTION OF
DOCUMENTS RELATING TO THE FINAL REPORT OF THE
ORANGE COUNTY BANKRUPTCY AND RELATED RECOVERY
LITIGATION
A RESOLUTION OF THE BOARD OF DIRECTORS OF ORANGE
COUNTY SANITATION DISTRICT AUTHORIZING CERTAIN
ACTIONS AND EXECUTION OF DOCUMENTS RELATING TO
THE FINAL REPORT OF THE ORANGE COUNTY BANKRUPTCY
AND RELATED RECOVERY LITIGATION
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WHEREAS,the Orange County Board of Supervisors,by approval on
April 14,1998 of County Resolution No.98-140,ordered the consolidation of
County Sanitation Districts Nos.1,2,3,5,6,7,11,13 and 14 of Orange County,
California (the ‘Predecessor Districts”),into a single new District,known as the
Orange County Sanitation District;and,
WHEREAS,at the time of filing of the Bankruptcy Petition and the
recovery litigation,records indicated the Predecessor Districts as the depositor
agencies in the County Investment Pool;and
WHEREAS,Orange County Sanitation District (“District”),as the legal
successor-in-interest to the Predecessor Districts,is an Option A Pool
Participant,as that term is defined in the Second Amended Plan of Adjustment
for the County of Orange:and,
WHEREAS,on February 2,2000,Representative Thomas Hayes will seek
to have court approval of the Representative’s Final Report,which sets forth all
of the settlement and litigation proceeds,together with all of the related earnings
and expenses,and the proposed allocation of the net amount to the District;and,
WHEREAS,District is included in Exhibits 5 and 6 to the Motion of the
Representative for approval of his Final Report and other relief;and,
WHEREAS,the County of Orange and the Option A Pool Participants
have agreed that any funds relating to the liquidation of the Pools determined
later to exist would be distributed one-half (1/2)to the County,and one-half (112)
to the Option A Pool Participants;and,
WHEREAS,additional funds have been determined to exist in the
aggregate amount,including interest of $17,884,999.53;and,
WHEREAS,a Settlement Agreement has been submitted to the District,
as an Option A Pool Participant,in order to receive its share of the additional
funds;and.
WHEREAS,the District has been requested to accept the settlement and
release;and,
WHEREAS,the District has been further requested to designate certain
individuals to execute,on behalf of the District,any and all of the final documents
and to accept possession of the settlement proceeds.
NOW,THEREFORE,the Board of Directors of Orange County Sanitation
District,
DOES HEREBY RESOLVE,DETERMINE,AND ORDER:
Section 1 That the Orange County Sanitation District hereby accepts
Representative Thomas Hayes’Final Report,setting forth all of the settlement
and litigation proceeds,together with all related earnings and expenses,and the
allocation of the net amount to the District.
Section 2 That the Orange County Sanitation District formally accepts
the settlement and release,and approves the Release &Settlement Agreement
re additional funds.
Section 3 That the Blake P.Anderson,Assistant General Manager,
and Thomas L.Woodruff,General Counsel,or either of them,are hereby
authorized and directed to execute any and all final documentation on behalf of
the District.
Section 4 That Blake P.Anderson,Assistant General Manager,and
Gary G.Streed,Director of Finance,or either of them,is hereby authorized and
directed to receive all distributions made pursuant to the Final Report Motion,or
any order of the Bankruptcy Court relating thereto;and/or the Joint Motion by the.
Pool Committee and the County of Orange regarding the division of certain
additional funds,or any order of the Bankruptcy Court relating thereto.
PASSED AND ADOPTED at a regular meeting of the Board of Directors
held January 26,2000.
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ATT~T:.
Board Se~Ietary ~7 :.~
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