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HomeMy WebLinkAboutRes 06-45 07/03/1945 No. 6 -45 RESOLUTION AUTHORIZING SETTLEMENT OF CASE OF VILLAGE OF MOUNT PROSPECT VS. CHRISTIAN D. BUSSE, ET AL., NO. 40 -S -16457 WHEREAS, CHRISTIAN D. BUSSE was the duly appointed treasurer of the Village of Mount Prospect for the successive terms covering the period from May 3, 1927 to July 3, 1935, and WHEREAS during the aforesaid period, HENRY HOLSTE, MARTIN H. HASZ, HENRY HABERKAMP, WILHELMINA HOLSTE, WILLIAM BUSSE, JR., EDWARD BUSSE, ALBERT WILLE, HERMAN BUSSE and GEORGE MEYER were sureties on the official bonds of the said Christian D. Busse, as village treasurer, and WHEREAS, on or about December 13, 1940, the Village of Mount Prospect filed a suit against the said Christian D. Busse and the said sureties, and the heirs of certain sureties now deceased, defendants, alleging that during the respective terms of office of the said Christian D. Busse, covering the period as aforesaid, the said Christian D. Busse, as village treasurer, had illegally misappropriated and diverted large sums of special assessment moneys, which allegations are denied by the said defendants, and WHEREAS certain judgments have been entered against the Village of Mount Prospect for the diversion of special assessment funds, in favor of certain bondholders, which said judgments are in the following cases, to -wit: Charles H. Albers, as Receiver, etc. vs. Mt. Prospect, No. 35 -C- 15438, in the sum of $11,416. E. A. Webber vs. Mt. Prospect, No. 38 -C -9054, in the sum of $2,411.28. Grant Smith vs. Mt. Prospect, No. 42 -C -774, in the sum of $2,276.62. Mary F. Howie, et al. vs. Mt. Prospect, No. 37 -8 -4082, in the sum of $14,673.56. John G. Kuebler, et al. vs. Mt. Prospect, No. 42 -C- 11470, in the sum of $1,749.24. L. L. Cooke, et al. vs. Mt. Prospect, No. -C- 36 13946 in the sum of 2 3 plus � 21 .22 p M Master's fee e s ee of 0 as t r a total of *2,313.22. American National Bank and Trust Company vs. Mt. Prospect, No. 44-S -6289 in the sum p , , of 5 s f 7 0? plus o 5 88. plu costs of X31. 0, or a total of 5,819.57. AND WHEREAS, the aforesaid suits filed against the Village of Mount Prospect in which judgments have been recovered have been filed within the ten year period following the termina- tion of the said Christian D. Busse's term of office on, to -wit: July 3, 1935, and WHEREAS, the said Christian D. Busse, as village treasurer, and the aforesaid sureties have raised meritorious defenses to the amended complaint filed in the case now pending and also assert that the statute of limitations is a bar to the recovery of the total amount claimed due by the village and WHEREAS, the cost and expense involved in a prolonged accounting suit and litigation of this character will amount to many thousand dollars, the outcome of which is doubtful, and WHEREAS the aforesaid sureties have offered to settle the litigation by a payment of *41,473.28 and to - waive all claims by subrogation, reimbursement, or by salvage, from the special assessment funds, and WHEREAS, the aforesaid settlement will make it possible for the village to effect a settlement of the aforesaid judgments without the necessity of issuing bonds or the levying of addition- ! al taxes, and WHEREAS, it is deemed to be for the best interests of the Village of Mount Prospect and the taxpayers to settle the - 2 - j pending litigation by accepting the offer of said sureties. NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village of Mount Prospect that a settle- , ment of the case of Village of Mount Prospect vs. Christian D. Busse, et al., No. 40 -S- 16457, be made, pursuant to the terms and conditions hereinafter set forth: 1. That the aforesaid sureties shall pay to the said Village the sum of *41,473.28, 2. That as a further consideration for the settlement of the aforesaid litigation, the said Christian D. Busse and the aforesaid sureties, their respective heirs, administrators, executors and assigns, shall waive all right, claim and interest in and to any of the special assessment funds in the respective warrants of the Village of Mount Prospect, now or hereafter received, or collected, out of which the said village treasurer and his sureties could or might claim recovery by subrogation, reimbursement, or by salvage of the aforesaid *41,473.28, paid in settlement of the aforesaid litigation, and that said village treasurer and his several sureties shall forever release and discharge the said Village of Mount Prospect from any claim of recovery by subrogation or reimbursement, or by salvage, out of said special assessment funds for the moneys paid in settlement of 'said litigation. 3. That in consideration of the aforesaid settlement, as hereinbefore set forth, said Village of Mount Prospect does hereby authorize, empower and direct the President and Clerk of said village to make, execute and deliver to said sureties, as aforesaid, good and sufficient releases, discharging said sureties aforesaid from any and all liability of every kind and character which has existed, now exists, or which may hereafter arise by virtue of said individuals acting as sureties on the bonds of the said Christian D. Busse during the respective i' - 3 - periods of time during which he acted as village treasurer of the Village of Mount Prospect, from, to -wit: May 3, 1927 to July 3, 1935. 4. That the said Board of Trustees does hereby further direct, authorize and empower the President and Clerk of the said village to make, execute and deliver to the heirs, legatees, executors, administrators, and assigns of any of said sureties, now deceased, a release from any and all liability of any kind and character, which has existed, now exists, or which may here- after arise against them, or against property that they may have coming to them from said deceased sureties, by reason of any liability arising out of any bonds given to the Village of Mount Prospect in which the said Christian D. Busse was principal and such deceased persons were sureties, conditioned upon the faith- ful performance of the duties of his office by the said Christian D. Busse for various terms of office from May 3, 1927 to July 3, 1935. 5. That Henry 0. Nickel, attorney for° the Village of Mount Prospect in the said ease of Mount Prospect vs. Christian D. Busse, et al., No. 40 -S- 16457, be and he is hereby expressly 'authorized, empowered and directed, upon receipt of the aforesaid sum of $41.473.28 by the treasurer of the Village of Mount Prospeot, and upon delivery of the waivers and releases herein» above described from the said Christian D. Busse and his several sureties, to have entered in said cause such order, or orders, or !judgment, and satisfaction of judgment as may be determined by the court to effectuate the settlement of the said case, as by this resolution authorized. ADOPTED this-34W, day of July, A. D. 1945. RECORDING VOTES e s NAXI / / AVM /fib /4. _Y 04 .4 • AP .G4 Ale .1,114 _-tea- jQ Absent c. m E APPROVED this 3 day of July, A. D. 1945. 1 • � I 1 i • 1 � 1 I — 5 ••