HomeMy WebLinkAbout1607ORDINANCE NO. /467
AN ORDINANCE authorizing a settlement agreement of the
antitrust suit of the City against I -T -E Circuit Breaker
Company.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PORT
ANGELES that Joseph L. Alloto, the Special Counsel engaged by the
City to prosecute its antitrust claim growing out of purchases of
electrical apparatus, be, and is hereby, authorized and empowered
to do the following:
1. To execute and deliver an agreement dated Novem-
ber 16, 1966 with Franklyn S. Judson, Secretary and authorized
agent for I -T -E Circuit Breaker Company, and to execute on behalf
of the City the Covenent Not To Sue attached to the letter agree-
ment.
2. To settle and dismiss the City's claims for dam-
ages under the Clayton Act,pending against I -T -E Circuit Breaker
Company, particularly those asserted in the pending actions filed
originally in the United States District Court, Western District
of Washington, Northern Division, and in the Courts where the ac-
tions have been transferred as set forth in Exhibits B and C to
said letter agreement; and to accept for and on behalf of the City,!
the State and other participating municipalities in the State of
IWashington, clients represented by Broz, Long & Mikkelborg and Mr.
Alioto's clients in the State of California, including Sacramento
41/1 Municipal Utility District, Sacramento, California, Modesto Irri --
gation District, Modesto, California and Turlock Irrigation Dis-
• trict, Turlock, California, the total sum of $474,000.00 payable
in six installments as stated in said agreement, of which the City
shall not share in the settlement, since it did not have any pur-
chases in suit from said Company.
3. To assign the contract rights to receive the five
annual installment payments as provided in the agreement of Novem-
ber 16, 1966 to any person or persons, including any bank or
financial institution, and to receive such lump sum cash amount
for the same as subsequently specifically approved by the City up
to a maximum discount of ten percent of fact value of the remain-
ing installment payments under the contract.
4111 BE IT FURTHER ORDAINED that execution and delivery by
1Joseph L. Alioto of the Covenant Not To Sue referred to above and
any other action pursuant to the authority of this ordinance and
prior to the effective date hereof is hereby approved, ratified and
confirmed.
PASSED by the City Council and approved by its Mayor at a
regular meeting of the Council held on the 16th day of March, 1967.
ti
Attest:
City Clerk
Approved as to form:
PUBLISHED: 2gh.t .,73 /411
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