Resolution No. 5197RESOLUTION NO. 5197
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS AND ACTING AS THE
EX- OFFICIO GOVERNING BOARD OF DIRECTORS OF THE CYPRESS RECREATION AND
PARK DISTRICT, A SUBSIDIARY DISTRICT OF THE CITY OF CYPRESS, APPOINTING A
CITY OF CYPRESS REPRESENTATIVE TO RECEIVE THE NET LITIGATION PROCEEDS
FROM ORANGE COUNTY BANKRUPTCY AND AUTHORIZING CITY MANAGER TO
EXECUTE SETTLEMENT AGREEMENT AND LIMITED RELEASE
WHEREAS, the City of Cypress is an Option A Pool Participant, as that term is
defined in the second Amended Plan of Adjustment ( "Plan ") for the County of Orange
( "county ");
WHEREAS, the Representative, as that term is used in the Plan, has served a Notice
of Motion and Motion of the Representative for Order Approving (1) Distribution of Net
Litigation Proceeds; (2) Distribution in Respect of Assigned Excluded Claims; (3) The
Representative's Fee; (4) Certain Other Actions of the Representative; and (5) The
Representative's Final Report ( "Final Report Motion ");
WHEREAS, the Pool Committee and the County have served a Notice of Motion
and Joint Motion for Order Approving Compromise Regarding Additional Funds and
Reclassification of Claims ( "Additional Funds Motion "), which motion describes the
proposed division of certain "Additional Funds Motion.
WHEREAS, the City of Cypress is entitled to a distribution of Net Litigation
Proceeds, Additional Funds and other funds as described in the Final Report Motion and the
Additional Funds Motion.
NOW THEREFORE, BE IT RESOLVED: that either Wendy Hooper Davis, City
Treasurer or Richard M. Storey, Interim City Manager, are hereby designated to receive all
distributions made pursuant to (I) the Final Report Motion or order of the Bankruptcy Court
relating thereto; and /or (ii) the Additional Funds Motion or any order of the Bankruptcy
Court relating thereto;
RESOLVED FURTHER that all distributions to which the City of Cypress is entitled
under or pursuant to the Final Report Motion and /or the additional Funds Motion should be
delivered to either Wendy Hooper Davis, City Treasurer, or Richard M. Storey, Interim City
Manager.
RESOLVED FURTHER that the form of the Release and Settlement Agreement which
is attached to the Additional Funds Motion be and hereby is approved, and that Richard M.
Storey is authorized and directed to execute and deliver the Release and Settlement
Agreement on behalf of the City of Cypress.
PASSED AND ADOPTED by the City Council of the City of Cypress, and acting as
the ex officio governing Board of Directors of the Cypress Recreation and Park District, at a
regular meeting held on the 14th day of February, 2000.
MAYOR OF THE CITY OF E YNRESS
ATTEST:
CITY CLERK OF THE CITY OF CYPRESS
STATE OF CALIFORNIA )ss
COUNTY OF ORANGE
I, LILLIAN HAINA, City Clerk of the City of Cypress, California, DO HEREBY
CERTIFY that the foregoing Resolution was duly adopted at a regular meeting of the said
City Council held on the 14th day of February, 2000, by the following roll call vote:
AYES: 5 COUNCILMEMBERS: Keenan, McCoy, McGill, Sondhi and Piercy
NOES: 0 COUNCILMEMBERS: None
ABSENT: 0 COUNCILMEMBERS: None
(A-Le- Vn 44a- -L—ot-
CI TY CLERK OF THE CITY OF CYPRESS