Explanation
1. BACKGROUND
This ordinance is submitted to pay the pre- and post- Judgment interest owed to Versatile Helicopters, Inc. as relates to the lawsuit of Versatile Helicopters, Inc. v. City of Columbus, et al., Case No. 2:10-cv-1110 in the United States District Court, Southern District of Ohio, Eastern Division, in which Versatile Helicopters obtained a verdict against the City of Columbus.
2. FISCAL IMPACT
Funds in the amount of $76,806.90 are availabe in the Special Income Tax Fund to cover the cost of the interest payment.
3. EMERGENCY DESIGNATION
Emergency action is requested to pay the judgement immediately in order to avoid additional interest payments on the judgement.
Title
To authorize and direct the City Attorney to pay the pre- and post- judgment interest owed to Versatile Helicopters, Inc. as relates to the lawsuit of Versatile Helicopters, Inc. v. City of Columbus, et al., filed in the United States District Court, Southern District of Ohio, Eastern Division; to authorize the appropriation and expenditure of $76,806.90 from the Special Income Tax Fund; and to declare an emergency. ($76,806.90)
Body
WHEREAS, the City of Columbus was sued by Versatile Helicopters, Inc. in the United States District Court; and,
WHEREAS, the jury returned a verdict against the City of Columbus; and,
WHEREAS, by operation of law, Versatile Helicopters, Inc. is entitled to pre- and post- Judgment interest on the verdict obtained; and,
WHEREAS, Versatile Helicopters, Inc. has now passed a corporate resolution directing that said monies be paid directly to their attorneys, Hahn Loeser & Parks, LLP; and,
WHEREAS, by reason of the foregoing an emergency exists in the usual daily operation of the City in that it is necessary to pay this judgment immediately in order to avoid unnecessary additional interest payments on the judgment; now, therefore,
Be it Ordained by the Council of the City of Columbus:
SECTION 1. That the City Attorney is hereby authorized ...
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