HomeMy WebLinkAboutRESOLUTION R-91-48RESOLUTION NO. R-91-48
A RESOLUTION OF THE CITY OF SEBASTIAN, INDIAN RIVER
COUNTY, FLORIDA, AUTHORIZING THE MAYOR AND THE CITY
CLERK TO SIGN, ON BEHALF OF THE CITY, A SETTLEMENT
AGREEMENT WITH GENERAL DEVELOPMENT CORPORATION,
("GDC") CONVEYING CERTAIN ASSETS FROM GDC TO THE CITY
OF SEBASTIAN AS DESCRIBED IN EXHIBIT "A"; RELEASING GDC
FROM CERTAIN OBLIGATIONS TO THE CITY OF SEBASTIAN AS
DESCRIBED IN EXHIBIT "B"; PROVIDING FOR REPEAL OF
RESOLUTIONS OR PARTS OF RESOLUTIONS IN CONFLICT
HEREWITH; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, General Development Corporation, ("GDC"); a
Delaware Corporation, may have certain obligations to the City of
Sebastian under the terms of the August 15, 1979 agreement
between the City of Sebastian and GDC; and
WHEREAS, GDC, on April 6, 1990, filed for protection under
Chapter 11 of the Federal Bankruptcy Laws; and
WHEREAS, since filing for bankruptcy protection, GDC has not
met certain of its obligations and responsibilities to the City
under the terms of the 1979 agreement; and
WHEREAS, the City and the GDC entered into negotiations to
relieve GDC of its obligations in return for certain GDC assets
and have reached a mutual agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEBASTIAN, INDIAN RIVER COUNTY, FLORIDA, that:
Section 1. AGREEMENT. The Mayor and the City Clerk of the
City of Sebastian, Indian River County, Florida, are hereby
authorized to sign, on behalf of the City, the Settlement
Agreement betweeen GDC and the City of Sebastian, a copy of which
is attached hereto.
Section 2. CONFLICT. All resolutions or parts of
resolutions in conflict herewith are hereby repealed.
Section 3. SEVERABILITY. In the event a court of competent
jurisdiction shall hold or determine that any part of this
Resolution is invalid or unconstitutional, the remainder of the
Resolution shall not be affected and it shall be presumed that
the City Council of the City of Sebastian did not intend to enact
such invalid or unconstitutional provision. It shall further be
assumed that the City Council would have enacted the remainder of
this Resolution without such invalid and unconstitutional
provision, thereby causing said remainder to remain in full force
and effect.
Section 4. EFFECTIVE DATE. This Resolution shall take
effect immediately upon its adoption.
The foregoing Resolution was moved for adoption by
Councilman The motion was seconded by
Councilman P.�C� and, upon being put into a
vote, the vote was as follows:
Mayor W.E. Conyers
Vice -Mayor Frank Oberbeck
Councilman Peter R. Holyk
Councilman Lonnie R. Powell
Councilman George G. Reid
Pa
CLQ e
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The Mayor thereupon declared, his Resolution duly passed and
adopted this 364.L- day of 1991.
ATTEST:
Kathry M. O'Halloran,
CMC/AA, City Clerk
(SEAL)
Approved as to Form and Con
i �
Charles Ian Nash,
City Attorney
3
CITY OF SEBASTIAN, FLORIDA
By: