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Document Date: 10/27/2010
Document Type: Resolution
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Keywords (No More Than
4): Authorize Promissory Note
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Document No. 10-35
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RESOLUTION NO. 10-35
RESOLUTION OF THE MIDPENINSULA REGIONAL OPEN SPACE
DISTRICT AUTHORIZING THE ISSUANCE OF A PROMISSORY NOTE
AND PROVIDING OTHER MATTERS PROPERLY RELATING
THERETO
WHEREAS, the District wishes to finance acquisition of real property to be used for open space
(the"Property") from Barbara S. Bergman Trust U/D October 3, 1995 (the"Seller"); and
WHEREAS, the Seller has agreed, as consideration for the sale of the Property to the District, to
accept a promissory note (the"Note") from the District; and
WHEREAS,pursuant to Public Resources Code Section 5544.2, the Note must be authorized by
a resolution adopted by the affirmative votes of at least two-thirds of the members of the Board
of Directors of the Maker; and
WHEREAS, all conditions, things and acts required to exist, to have happened and to have been
performed precedent to and in the issuance of the Note, as contemplated by this resolution and
the documents referred to herein exist, have happened and have been performed in due time,
form and manner as required by the laws of the State of California.
NOW,THEREFORE,BE IT RESOLVED by the Midpeninsula Regional Open Space
District, as follows:
Section 1. Recitals True and Correct. The District hereby finds and declares that the above
recitals are true and correct.
Section 2. Approval of the Note. The President is hereby authorized and directed, for and in
the name and on behalf of the District, to execute and deliver the Note, and the Secretary is
hereby authorized and directed, for and in the name and on behalf of the District, to attest the
President's signature to the Note. The Note shall be executed in the form on file with the
Secretary, together with such additions thereto or changes therein as are recommended or
approved by the President, upon consultation with counsel to the District; provided that no
additions or changes shall authorize an aggregate principal amount in excess of$850,000.00, an
interest rate in excess of 4% per annurn or a maturity date later than December 10, 2015. The
approval of such additions or changes shall be conclusively evidenced by the execution and
delivery of the Note by the President and its attestation by the Secretary.
Section 3. Official Action. All actions taken by the officers and agents of the District with
respect to the purchase of the Property and the issuance of the Note are hereby approved,
confirmed and ratified, and the proper officers of the District, including the President and the
Secretary, are hereby authorized and directed, for and in the name and on behalf of the District,
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to do any and all things and take any and all actions and execute and deliver any and all
certificates, agreements and other documents which they, or any of them, may deem necessary or
' advisable in order to consummate the lawful issuance and delivery of the Note in accordance
with this Resolution.
Section 4. Effective Date. This resolution shall take effect from and after the date of approval
and adoption thereof
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RESOLUTION NO. 10-35
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space
District on October 27, 2010 at a Regular Meeting thereof,by the following vote:
AYES: CYR,HANKO, HARRIS,RIFFLE,AND SIEMENS
NOES: NONE
ABSTAIN: NONE
ABSENT: HASSETT
ATTEST: APPROVED:
07
S Ztary President
Board of Directors Board of Directors
I, the District Clerk of the Midpeninsula Regional Open Space District, hereby certify that
the above is a true and correct co of a resolution duly adopted b the Board of Directors of
copy Y P Y
the Midpeninsula Regional Open Space District by the above vote at a meeting thereof duly
held and called on the above day.
District Clerk