HomeMy Public PortalAboutResolution - 06-16- 20060426 - Hawthorns Property Gift I
RESOLUTION No. 06-16
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open 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. SleIMnS
ATTEST: APPROVED:
i
e etary ?0aard
Board of Directors ectors
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.
L
Distr' lerk
RESOLUTION 06-16
RESOLUTION OF THE BOARD OF DIRECTORS OF
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
AUTHORIZING EXECUTION OF 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 NECE
SSARY OR
APPROPRIATE TO CLOSING THE TRANSACTION (WINDY
HILL OPEN SPACE PRESERVE—HAWTHORNS PROPERTY)
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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 Regarding Property Frederick N. Woods III, as Trustee of the
Frederick N. Woods III Revocable Trust dated June 14, 2005 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.
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Section Two. The General Manager or the President of the Board of Directors or other appropriate officer is
authorized to execute any needed Certificates 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 grantor 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 that do not involve any material change to any term of the Agreement or other
transactional documents that 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, p reasonablyexpected, and hereby authorized that the District's general fund will be
reimbursed in the amount of$11,000,000 from the proceeds of the next long-term District note issue. This
h Board of Directors of Midpeninsula Regional Open Space District
' n of this Resolution is adopted b the p g
Section
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solely for purposes of establishing compliance with the requirements of Section 1.103-18 of the Treasury
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Regulations. The reimbursement of this payment expenditure is consistent with the Districts budgetary and
financial circumstances. There are no funds or sources of moneys of the District that have been, or are
-term basis o r otherwi
se set aside to a the costs of
ted on a long-term pay or allocated ,
reasonably expected to be, reserved g
this open space land acquisition project which are to be paid or reimbursed out of proceeds of indebtedness to
intent use
proceed
s of
be issued by the District. The Board of Directors hereby declares the District's official � p �
indebtedness to reimburse itself for expenditures associated with accepting this gift of open space land.
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