Item Coversheet

CITY OF RIVIERA BEACH CITY COUNCIL
AGENDA ITEM SUMMARY

Meeting Date: 11/18/2015 
Agenda Category:REGULAR RESOLUTION
Subject: 

Sale of 65,027 shares of Solitron common stock.

Recommendation/Motion: Approve Resolution authorizing execution of Agreement.
Originating Dept Finance   Costs  
User Dept.Utility Special District Funding Source
AdvertisedNo Budget Account Number
Date   
Paper   
Affected PartiesNot Required   
Background/Summary: 

In the early 1990s Solitron filed for reorganization in the Bankruptcy Court for the Southern District of Florida (Case No. 92-30190-BKC-RAM) and the Court approved a distribution from Solitron  to the City of Riviera Beach of 65,027 shares of Solitron common stock. The stock is recorded as an asset on the books of the Utility Special District.

 

The Board of the Utility Special District has expressed its desire to sell the 65,027 shares of Solitron common stock.

 

The parties have agreed that in consideration of a payment of $279,616.10, the City will sell the common stock to Solitron upon the terms and conditions provided in the Agreement.

 
Fiscal Years
Capital Expenditures
Operating Costs
External Revenues
Program Income (city)
In-kind Match (city) 
Net Fiscal Impact
NO. Additional FTE Positions
(cumulative)

III. Review Comments

A. Finance Department Comments:
 
B. Purchasing/Intergovernmental Relations/Grants Comments:
 
C. Department Director Review:
Contract Start Date 
Contract End Date
Renewal Start Date
Renewal End Date
Number of 12 month terms this renewal
Dollar Amount
Contractor Company Name
Contractor Contact
Contractor Address
Contractor Phone Number
Contractor Email
Type of Contract
Describe
ATTACHMENTS:
File NameDescriptionUpload DateType
SOLITRON_STOCK_SALE_RESOLUTION.docResolution11/9/2015Resolution
#36497427v2_Active__-_Stock_Buyback_Agreement-PHR.docStock Buy-back Agreement11/9/2015Agreement
REVIEWERS:
DepartmentReviewerActionDate
Financesherman, randyApproved11/9/2015 - 4:23 PM
Financesherman, randyApproved11/9/2015 - 4:26 PM
AttorneyAnswererApproved11/9/2015 - 4:40 PM
City ClerkAnswererApproved11/9/2015 - 5:16 PM
City ManagerAnswererApproved11/9/2015 - 7:39 PM