HomeMy Public PortalAbout20071114 - Resolution - Board of Directors (BOD) (3) Cover Sheet for Scanning by ECS
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Document Date: 11/14/2007
Document Type: Resolution
Preserve Name:
Keywords(no more than 4): Behroozi Trust Property Grant
Project Name:
Project Number:
Vendor or Other Party:
Name (First):
Name(Last):
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APN Number:
Document No. 07-28
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RESOLUTION 07- 28
RESOLUTION OF THE BOARD OF DIRECTORS OF MIDPENINSULA REGIONAL OPEN
SPACE DISTRICT AUTHORIZING ACCEPTANCE OF PURCHASE AGREEMENT,
AUTHORIZING OFFICER OR THE GENERAL MANAGER TO EXECUTE CERTIFICATES 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
BEHROOZI TRUST)
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 Behram Behroozi and
Anne Behroozi, Trustees of the Behroozi Family Trust,dated July 1, 1989, and the 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 to acquire the real property described therein ("the Behroozi Trust Property").
Section Two, The General Manager, President of the Board of Directors or other appropriate
officer is authorized to execute Certificates of Acceptance for the Grant Deed 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.
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, site clean-up costs and other miscellaneous costs related to
this transaction.
Section Five. The General Manager and General Counsel are further authorized to approve any
technical revisions to the attached Agreement and documents which do not involve any material
change to any term of the Agreement or documents, which are necessary or appropriate to the
closing or implementation of this transaction.
Section Six. The purpose of this Section is to enable the District to reimburse its general fund for
the cost of certain land acquisitions. The District wishes to finance certain of these real property
acquisitions and expects to use tax-exempt debt, such as bonds, but a tax-exempt financing is not
cost justified for the District unless the principal amount of the financing is large enough to
justify the related financing costs. Consequently, it is the District's practice to buy property with
its general funds and, when a tax-exempt financing is cost justified based on the aggregate value
of acquisitions, to issue tax-exempt obligations to reimburse itself for previous expenditures of
general funds. These general funds are needed for operating and other working capital needs of
the District and are not intended to be used to finance property acquisitions on a long-term basis.
U.S. Income Tax Regulation Section 1.150-2 requires an issuer of tax-exempt debt to declare its
intent to use a portion of tax-exempt debt proceeds for reimbursement of expenditures prior to the
payment of the expenditures. Accordingly,the Board of Directors hereby declares its intent to
issue tax-exempt obligations in the maximum principal amount of$1,525,000 and to use a portion
of the proceeds of the obligations for reimbursement of District expenditures for acquisition of
the Behroozi Trust Property that are paid before the date of issuance of the obligations.
RESOLUTION NO. 07- 28
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space
District on November 14, 2007 at a Regular and Special Meeting thereof, by the following
vote:
AYES: Jed Cyr, Mary Davey, Nonette Hanko, Larry Hassett, Curt Riffle,
Ken Nitz, Pete Siemens
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST: APPROVED:
Secretary T sident
Board of Directors Board of Director
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.
District Clerk