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Singerman realized that the Board's most significant concern was for the County's exposure regarding the tax certificate holders. He characterized the settlement as sensitive to the Commission's and the County's legitimate concerns. The -settlement Mould avoid further delay in payment of taxes and avoid additional legal fees. On behalf of Piper, Mr. Singerman requested the Board to take whatever action is appropriate and necessary to approve the settlement which was previewed by County Attorney Charles Vitunac. Attorney Vitunac confirmed that staff previewed the settlement agreement and no one has any objection, with the proviso that it be reviewed by the bankruptcy expert who was hired by Property Appraiser Nolte. He reported that the School Board's attorney, Russell Petersen, indicated that it was a good settlement, subject to review by the bankruptcy expert. Attorney Vitunac pointed out that there is a clause in the agreement which makes it null and void if the bankruptcy judge does not approve and order the settlement agreement. He recommended that the Board approve the settlement agreement with Piper Aircraft. Administrator Chandler advised that the settlement involves a reduction in the assessed values and a reduction in the interest rate from 18 to 10 percent. The amount that was previously due the County was $886,434.94 and under the settlement we would receive $620,504.46, which is approximately 70 percent. He noted that staff was concerned about the differential in the dollar amount that we will collect, but the settlement agreement as presented would provide a lump sum payment and avoid the uncertainty of court procedures and payouts over a period of time. Administrator Chandler pointed .out that the Board -cannot speak for the other taxing districts and was not sure how the attorneys would handle that. Attorney .Samuel J. Zussman, Jr., Maguire Voorhis & Wells, representing -Property Appraiser Nolte, stated that the obvious advantage of the settlement agreement is that if it is approved by the bankruptcy court and not appealed, the County will receive the money rapidly. He confirmed that if the litigation continued it could mean 5 to 10 years before the County would be paid in full. He recommended a modification to the settlement agreement to include a clause that if there is an appeal of the approval of the settlement which would preclude Piper from making payment immediately, the County could then withdraw from this settlement at its option. He felt that option should be reserved in the event there is an appeal by one of the creditors. He further explained that the tax certificate holders would be signatories to the settlement agreement. 41 BOOK u� PAf November 1, 1994