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February 10, 2000 a
/1
STAFF REPORT
TO: Mayor Yost and Members ie City Council
ATTN: Keith Till, City Manager
FROM: Pamela Arends-King, Director of Administrative Services/Treasurer
SUBJECT: ORANGE COUNTY BANKRUPTCY SETTLEMENT
SUMMARY OF REQUEST:
City Council to approve a Resolution authorizing the acceptance of the County of Orange
bankruptcy settlement certificate of adoption of authorizing resolution.
DISCUSSION:
A hearing was held February 2, 2000 at the United States Bankruptcy Court for the
Central District of California for the County of Orange Bankruptcy. The result of the
hearing was the determination of the bankruptcy settlement with the Orange County
Investment Pool Participants.
Attached is a spreadsheet of the breakdown of the City's Total Cash and Claims, cash
received and to be received and the recovery percentage of the original claim. As of May
1995 the City received $1,674,659.99 and the final settlement is $295,282.85 as shown in
the spreadsheet plus the City will be receiving an additional $21,615.46 in B-12
Distributions. The total settlement is $316,898.31. The total recovery percentage is
95.7688%.
FISCAL IMPACT:
This settlement will not impact the current fiscal year budget. The funds received represent the recovery of
the loss the City experienced in 1994.
RECOMMENDATION:
Staff recommends the City Council accept the Orange County Bankruptcy settlement,
adopt the resolution authorizing the acceptance of the County of Orange Bankruptcy
Settlement Certificate of adoption of authorizing resolution and authorize the execution
of the Settlement Agreement and Limited Release.
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