HomeMy Public PortalAboutResolution - 03-13- 20030423 - Mitchell Purchase RESOLUTION 03-13
RESOLUTION OF THE BOARD OF DIRECTORS OF
MIDPENINSULA REGIONAL OPEN SPACE
DISTRICT AUTHORIZING ACCEPTANCE OF
PURCHASE AGREEMENT-BARGAIN SALE,
AUTHORIZING OFFICER TO EXECUTE
CERTIFICATE OF ACCEPTANCE OF GRANT TO
DISTRICT,AND AUTHORIZING GENERAL
MANAGER TO EXECUTE ANY AND ALL OTHER
DOCUMENTS NECESSARY OR APPROPRIATE TO
CLOSING OF THE TRANSACTION(MONTE BELLO
OPEN SPACE PRESERVE—LANDS OF MITCHELL)
The Board of Directors of Midpeninsula Regional Open Space District does resolve as follows:
Section One. The Board of Directors of Midpeninsula Regional Open Space District does hereby accept
the offer contained in that certain Purchase Agreement between William J. Mitchell and Carolina Mitchell,
as joint tenants and Trustees of the Mitchell 1991 Revocable Living Trust,dated October 31, 1991 and
Midpeninsula,Regional Open Space District,a copy of which is attached hereto and by reference made a
part hereof,and authorizes the President or appropriate officers to execute the Agreement on behalf of the
District.
Section Two. The President of the Board of Directors or other appropriate officer is authorized to execute
a Certificate of Acceptance on behalf of the District.
Section Three. The General Manager of the District shall cause to be given appropriate notice of
acceptance to the seller. The General Manager and General Counsel are further authorized to approve any
technical revisions to the attached Agreement and other transactional documents which do not involve any
material change to any term of the Agreement or other transactional documents,which are necessary or
appropriate to the closing or implementation of this transaction.
Section Four. The General Manager of the District is authorized to expend up to$5,000 to cover the cost
of title insurance,escrow fees, and other miscellaneous costs related to this transaction.
Section Five. It is intended, reasonably expected,and hereby authorized that the District's general fund will
be reimbursed in the amount of$375,000 from the proceeds of the next long-term District note issue. This
Section of this Resolution is adopted by the Board of Directors of Midpeninsula Regional Open Space
District solely for purposes of establishing compliance with the requirements of Section 1.103-18 of the
Treasury Regulations. The reimbursement of this payment expenditure is consistent with the District's
budgetary and financial circumstances. There are no fiords or sources of moneys of the District that have
been,or are reasonably expected to be, reserved or allocated on a long-term basis, or otherwise set aside to
pay the costs of this open space land acquisition project which are to be paid or reimbursed out of proceeds
of indebtedness to be issued by the District. The Board of Directors hereby declares the District's official
intent to use proceeds of indebtedness to reimburse itself for this open space land acquisition project
expenditure.
RESOLUTION No. 03-13
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space
District on April 23, 2003, at a Regular Meeting thereof, by the following vote:
AYES: N. Hanko, P. S�.eme►vs, L. 'Ha,5,5ett, M. Davey, J. CyA, D. Lie, K. Nitz
NOES: none
ABSTAIN: none
ABSENT: none
ATTEST: APPROVED:
Se etary Preslident
�oard of Directors Board of Directors
I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that
the above is a true and correct copy of a resolution duly adopted by the Board of Directors of
the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly
held and called on the above day.
Di Clerk