HomeMy Public PortalAboutResolution - 06-25- 20060728 - Interiano Purchase 'I
RESOLUTION No. 06-25
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space
District on July 26, 2006, at a Regular Meeting thereof, by the following vote:
AYES: Jed Cyr, Mary Davey, Nonette Hanko, Larry Hassett, Pete Siemens
NOES: None
ABSTAIN: None
ABSENT: Deane Little, Ken Nitz
ATTEST: APPROVED:
cretary side
Board of Directors oard 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 Jerk
RESOLUTION NO. 06-25
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
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—LANDS OF
INTERIANO)
The Board of Directors of the Midpeninsula Regional Open Space District does resolve as follows:
Section One. The Board of Directors of the Midpeninsula Regional Open Space District does hereby
accept the offer contained in that certain Purchase Agreement between Ruth Interiano 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 $30,000 to cover the
cost of title insurance, escrow fees, site clean up 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$255,000 from the proceeds of the next long-term District note issue.
This Section of this Resolution is adopted by the Board of Directors of the 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 that 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.
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