HomeMy Public PortalAboutResolution - 06-15- 20060426 - Bachman Purchase RESOLUTION NO. 06-15
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:
AYES: J. Cyr, M. Davey, N. Hanko, L. Hassett, D. Little, K. Nitz
NOES: None
ABSTAIN: None
ABSENT: P. Siemens
ATTEST: APPROVED:
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Se retary PFoirdent
Board of Directors oard of Directors
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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.
Distric rk
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RESOLUTION NO. 06-15
RESOLUTION OF THE BOARD OF DIRECTORS OF
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
j 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
(BACHMAN)PROPERTIES,SANTA CLARA COUNTY)
resolve as foll
ows:
The Board of Directors of the Midpeninsula Regional Open Space District does I
Section One. The Board of Directors of the 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
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Agreement on behalf of the District.II 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 g
i n 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 $5,000 to cover the cost of
quiet title action,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.