BC 1994 12 08 - Laserfiche WebLink

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273 the County for collection of sums owed or claimed to be owed to TMA by the County, under the Agreement, but has since' dismissed that action without prejudice such that it may be refiled); and WHEREAS, TMAhas agreed to accept the sum of One MillionThree Hundred Sixty-nine Thousand Two Hundred Eighteen and 17/100 Dollars ($1,369,218.17) (the "Settlement Payment") in full and final satisfaction and release of all claims by it against the County for services rendered under the Agreement in quantum meruit or otherwise for the audit of Philip Morris U.S.A. for the tax years 1984-89, arising from the collection of taxes and interest thereon; and WHEREAS, on the 5th day of December, 1994, the Board of County Commissioners appropriated the sum of $1,940,000.00 to account number 01-9-14-10-445, "Purchased Service," for the purpose of accommodating payment of the Settlement Payment to TMA for audit services and the County's collection of taxes and interest for the relevant period arising therefrom; and WHEREAS, the Board of Commissioners of the County desires to resolve all matters and things in controversy between the County and TMA for audit services upon the Philip Morris U.S.A. business personal property tax filings for the years 1984-1989, relating to taxes collected and interest thereon, exclusive of penalties; and WHEREAS, the Board of Commissioners of the County is of the opinion that the Settlement Payment amount is fair and adequate, and is consistent with the value of the audit services rendered by TMA and the results of their' performance of those services. BE IT, THEREFORE, RESOLVED by the Board of County Commissioners of Cabarrus County that: 1. Upon written authorization from Branch Bank and Trust Company authorizing direct payment to Tax Management Associates, Inc. of the sum of One Million Three Hundred Sixty-nineThousand Two Hundred Eighteen and 17/100 Dollars ($1,369,218.17), receipt of which is both acknowledged and attached hereto, and upon delivery by Tax Management Associates, Inc. to the County of an executed release therefor, receipt of which is also both acknowledged and attached, Cabarrus County shall pay to Tax Management Associates, Inc. the sum of One Million Three Hundred Sixty-nine Thousand Two Hundred Eighteen and 17/100 Dollars ($1,369,218.17) in full and final satisfaction of all claims against Cabarrus County for services rendered pursuant to the Agreement, in quantum merui~, or otherwise for taxes collected and interest paid thereon arising from the audit of business personal property of Philip Morris U.S.A. for the period 1984-1989. 2. A decision as to any further payment to Tax Management Associates, Inc. for services associated with the penalties assessed to Philip Morris U.S.A. for discovered taxes for the years 1984-1989 is reserved and deferred until such penalties are paid. By action of the Board, this the 8th day of December, 1994. ATTEST: /s/ Frankie F. Bonds Frankie F. Bonds Clerk /s/ Jeffrey L. Barnhart Jeffrey L. Barnhart Chairman, Board of Commissioners This instrument has been pre- audited in the manner required by the Local Government Budget and Fiscal Control Act. /s/ Blair Bennett Finance Director Both the written authorization from Branch Bank and Trust Company and the executed "Partial Release of Claim" by TMA are on file in the office of the County Manager and hereby included by reference as a part of the minutes. Chairman Barnhart read the following Press Release relative to the payment to TMA.