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<br />SWC:sh 1/11/84 <br /> <br />RES 0 L UTI 0 N <br /> <br />N O. <br /> <br />9727 <br /> <br />ORIGINAL <br />NOV 5 1984 <br /> <br />RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF <br />AGREEMENT FOR SETTLEMENT IN THE lv'.ATTER OF THE <br />BANKRUPTCY OF RTD SECURITIES, INC. <br /> <br />WHEREAS, RTD Securities, <br /> <br />Inc. <br /> <br />( " RTD" ) <br /> <br />is a New York <br /> <br />corporation which was principally engaged in the business of <br /> <br />acquiring <br /> <br />government <br /> <br />obligations <br /> <br />and <br /> <br />other <br /> <br />money <br /> <br />market <br /> <br />instruments and selling them to its customers, subject to an <br /> <br />agreement to repurchase at a future date at a fixed and higher <br /> <br />price; and <br /> <br />WHEREAS, the City of Redwood City purchased government <br /> <br />obligations and/or money market instruments from or through RTD, <br /> <br />subject to a repurchase agreement, which RTD has failed to <br /> <br />perform; and <br /> <br />WHEREAS, on May 18, 1984, RTD filed a voluntary petition for <br /> <br />relief under Chapter 11, Title 11, United States Code, which <br /> <br />proceeding is pending in the United States Bankruptcy Court for <br /> <br />the Southern District of New York; and <br /> <br />WHEREAS, the principal creditors in the RTD bankruptcy <br /> <br />proceeding have caused an investigation to be made of the <br /> <br />debtor's assets and liabilities and those of its principal <br /> <br />shareholder and chief corporate officer; and <br /> <br />WHEREAS, RTD' s principal shareholder and chief corporate <br /> <br />officer has furnished the principal creditors with his personal <br /> <br />financial schedule and with the personal financial statement of <br /> <br />his wife; and <br /> <br />972 '7 <br />