HomeMy WebLinkAbout7334 - ADMIN Resolution - City Council - 1983/02/07RESOLUTION NO. 7334
RESOLUTION AUTHORIZING HENNEPIN COUNTY
TO REPRESENT THE CITY OF ST. LOUIS PARK IN THE SETTLEMENT OF CERTAIN
TAXES AND SPECIAL ASSESSMENTS
WHEREAS, the Chicago, Milwaukee, St. Paul and Pacific Railroad Company,
previously filed for reorganization pursuant to Section 77 of the Federal
Bankruptcy Act (11 U.S.C. Subsection 205 1976); and
WHEREAS, pursuant to the court's order, the trustee of the above railroad
property deferred payment of State and local taxes, and
WHEREAS, the trustee has now filed a petition with the reorganization
court seeking approval of a program to settle certain claims of State
and local taxing authorities for real estate taxes and special assessment
payments; and
WHEREAS, the settlement petition proposes to pay 90 percent of delinquent
taxes and assessments payable as of December 31, 1982, excluding penalties
and interest thereon and further proposes to pay on a current basis, all
taxes and assessments becoming due thereafter, provided the taxing author-
ity agrees to accept the 90 percent settlement of the delinquent accounts,
and
WHEREAS, it appears to be in the best interests of the City to accept
settlement of the delinquent special assessments due the City in the
amount of $5,330.96, which represents 90 percent of the amount due, and
the remainder thereof totaling $592.33 be cancelled, now therefore
BE IT RESOLVED by the City Council of the City of St. Louis Park that
officials of Hennepin County are hereby authorized to represent the City
in a settlement with the trustee of above railroad for not less than 90
percent of the amount due according to the terms as proposed.
Adopted by the City Counc 1 FW
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uar 7, 1983.
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for administration:
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/IF' ty Manager
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Approved as—
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form and legality: