Case No. 02-08699, (Jointly Administered)United States Bankruptcy Court, N.D. Illinois.
May 19, 2003
Kurt M. Carlson Tishler Wald, Ltd., Chicago, IL, for The City of River Rouge and Wayne County Treasurer.
Louis P. Rochkind, Jaffe, Raitt, Heuer Weiss, Detroit, MI, for The City of River Rouge.
Leonora K. Baughman, Auburn Hills, MI, Wayne County Treasurer.
ORDER
JOHN SQUIRES, Bankruptcy Judge
It is hereby ordered that the Debtor shall immediately pay to the Wayne County Treasurer and the City of River Rouge, on account of taxes assessed by and for Wayne County and the City of River Rouge, the sum of 37% of the 2001 personal property taxes, plus the sum of 45% of the 2002 personal property taxes (both of such sums shall be exclusive of fees, penalties, late charges and interest, but determined by the tax statements issued by Wayne County) upon the closing of the sale to U.S. Steel and directly from the Sale proceeds (both such payments in the aggregate are referred to as the “Down Payment”). The Down Payment is final and nor subject to disgorgement or any claims of any kind;
It is further ordered that, the balance of both the 2001 and 2002 real property taxes and personal property taxes including all interest and fees as of the day before the closing, on account of taxes assessed by and for Wayne County and the City of River Rouge, (both of which shall be determined by the tax statements issued by Wayne County and will include interest and fees as of March 31, 2003) shall be placed in an interest bearing account immediately upon the closing of the sale to U.S. Steel and disbursed therefrom only upon authorization signed by the City of River Rouge, Wayne County and the Debtors, or upon further court order (and the City and the County shall promptly receive copies of the documents opening the account and any subsequent statements);
It is further agreed and ordered that this Order does not modify, waive or affect any rights or remedies of any of the parties to this order with respect to the amount, enforceability or validity of any real property or personal property taxes which are claimed by River Rouge or Wayne County, except for the Down Payment, and that the parties will use their best efforts to further resolve any disputes in connection with the 2001 and 2002 real and personal property taxes prior to closing;
It is further agreed and ordered that the Debtor must provide to the counsel for the City of River Rouge and Wayne County Treasurer, by facsimile, a letter setting forth the exact amounts of the 2001 and 2002 real and personal property taxes, on account of taxes assessed by Wayne County and the City of River Rouge, it is willing to pay by not later than five(S) days preceding the closing
Nothing in this order affects any party’s rights with respect to the 2003 real and personal property taxes.
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