5305 - 78 Oppose decision not to settle claims w/ Penn Central

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RESOLUTION NO. 5305 BY: Messrs. Brown,Chinnock, Magnotto, Salmon, Usher, Brockman A RESOLUTION expressing the opposition of the Council of the City of Lakewood, Ohio to the Cuyahoga County Budget Commission's decision not to settle claims for taxes due and payable by the Penn-Central Transportation Company pursuant to the plan of reorganization approved by the Federal District Court of the Eastern District of Pennsylvania, Case No, 70-347. WHEREAS, the Budget Commission of Cuyahoga County, pursuant to Sub. H.B. 336 has been designated as the representative of the City of Lakewood, Ohio in settling claims against Penn-Central Transportation Company, and WHEREAS, the Budget Commission has elected not to settle claims for taxes pursuant to a plan of reorganization submitted by trustees of the Penn-Central Transportation Company, and WHEREAS, the Council of the City of Lakewood, Ohio has determined that it is in the best interests of the City of Lakewood, Ohio to accept the said plan of reorganization; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF LAKEWOOD, STATE OF OHIO: Section 1. That the Council of the City of Lakewood, Ohio shall become its own representative for the purposes of Sub. H.B. 336, Section 1, and Section 2. That the Council of the City of Lakewood, Ohio elects not to be bound by the vote of the Budget Commission in rejecting the plan of reorganization, and Section 3. That the Treasurer of Cuyahoga County is instructed to vote the claim for the City of Lakewood, Ohio in favor of the plan for reorganization, and Section 4. That the Clerk of Council be and she is hereby authorized and directed to forward a certified copy of this resolution to the County Budget Commissi6n immediately upon its adoption. Adopted: Pr'es i dent// Cle~