HomeMy Public PortalAbout20101110 - Resolution - Board of Directors (BOD) (4) I
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Document Date: 11/10/2010
Document Type: Resolution
Preserve Name:
Keywords(No More Than
4): Holmes Lumber Purchase
Project Name:
Project Number:
Vendor Or Other Party:
Name (First):
Name (Last):
Address:
APN Number:
Document No. 10-42
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RESOLUTION 10-42
RESOLUTION OF THE BOARD OF DIRECTORS OF MIDPENINSULA
REGIONAL OPEN SPACE DISTRICT AUTHORIZING ACCEPTANCE
OF PURCHASE AGREEMENT,AUTHORIZING GENERAL MANAGER
OR OTHER 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 (BEAR CREEK REDWOODS OPEN SPACE PRESERVE
- LANDS OF HOLMES LUMBER COMPANY)
The Board of Directors of Midpeninsula Regional Open Space District does resolve as follows:
S
1. The Board of Directors of Midpeninsula Regional Open Space District does hereby accept the
offer contained in that certain Purchase Agreement between the Midpeninsula Regional Open
Space District and Mildred M. Holmes, an unmarried woman, Holmes Lumber Company, a
L Holmes an
John M. and Jennai T. Pero husband and wife, and arty ,
general partnership, Jo M ,
unmarried man, a copy of which purchase agreement is attached hereto and by reference made a
part hereof, and authorizes the President or other appropriate officer to execute the Agreement on
behalf of the District to acquire the real property described therein (the "Holmes Property").
2. The General Manager, President of the Board of Directors or other appropriate officer is
authorized to execute Certificate of Acceptance for the Grant Deed on behalf of the District.
3. The General Manager or the General Manager's designee shall cause to be given appropriate
notice of acceptance to the seller and to extend escrow if necessary.
4. The General Manager is authorized to expend up to $5,000 to cover the District's share of
closing costs, site clean up and security costs and other miscellaneous costs associated with this
purchase.
5. 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.
6. 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
RESOLUTION NO. 10-42
of Directors of the Midpeninsula Regional Open Space
PASSED AND ADOPTED by the Board p g
District on November 10, 2010 at a Regular Meeting thereof, by the following vote:
AYES: LARRY HASSETT,NONETTE HANKO,CURT RIFFLE,JED CYR,PETE SIEMENS,
CECILY HARRIS
NOES: NONE
ABSTAIN:
ATTEST: APPROVED:
ecretary Pre Ident
Board of Directors Board of Directors
I
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
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$2,500,000 and to use a
portion of the proceeds of the obligations for reimbursement of District expenditures for
acquisition of the Holmes Property that are paid before the date of issuance of the obligation.