HomeMy Public PortalAboutResolution - 06-14- 20060426 - Hacienda Park Purchase! RESOLUTION No. 06-14
Re
PASSED AND ADOPTED by Midpeninsula Regional Open the Board of Directors of the p g p Space
District on April 26, 2006, at a Regular Meeting thereof, by the following vote:
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AYES: J. Cyr, M. Davey, N. Hanko, L. Hassett, D. Little, K. Nitz
NOES: None
ABSTAIN: None
ABSENT: P. Siemens
ATTEST: APPROVED:
-'I'S-tdcretary sident
Board of Directors oard of erectors
I the District Clerk of the Midpeninsula Regional Open Space District hereby certify that
f a resolution duly adopted b
the above is a true and correct copy o Y p Y 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.
Distri erk
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RESOLUTION NO. 06-14
RESOLUTION OF THE BOARD OF DIRECTORS OF
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
AUTHORIZING ACCEPTANCE OF PURCHASE AGREEMENT,
AUTHORIZING GENERAL MANAGER OR 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
(SIERRA AZUL OPEN SPACE PRESERVE—TAX-DEFAULTED
HACIENDA PARK PROPERTIES,SANTA CLARA COUNTY)
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 Agreement to Purchase Tax-Defaulted Property between the Board of
Supervisors of Santa Clara County 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 General Manager or 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 or the General Manager's designee shall cause to be
given appropriate notice of acceptance to the seller and to extend escrow if necessary. 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 $2,500 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$30,000 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 funds 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.