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Home My Public Portal AboutResolution - 78-13- 19780524 - Authorz Borrowing at UnijSOLUTION NO. 78-13 Certified Copy of Borrowing Resolution UNION BANK Mid —Peninsula Regional Head Office OFFICE 400 University Ave., Palo Alto, Ca. 94301 ADDRESS In completing this resolution; you must list in this opening paragraph the names of the officers authorized to sign and you must insert the words "AND" $" after the title of each officer if there is more than one authorized signer. Unless otherwise stated herein, use of the word "AND" wi r d cats that two or more signatures are needed to execute documents and use of the word "OR" will indicate that only one signature of two or more successive signers will be required an documents. RESOLVED, That /6492 -- Signature Signature Signature a Signature .,-•'", (hereafter sometimes referred to, whether one or more, as "said DISTRICT 7on►et 6. tk) cQiw1 D rec�4 r — M on ems. C' , d--Ree..>t.k v !J i re- cA- ' r — Name Name ' l - Name k4 ' her-i n e 14 Nricf Title Name FAO a✓'cQ v• She lie Title bl r— . 6 e-., J T ct S u r e rg officers") of MIDPENINSULA REGIONAL OPEN SPACE - S. ;shor Title goil l•2:1-0.,1 n. r -n e.r Title P'p St Aei&+ (Er,_, r, Re E c e a corporation, are authorized to borrow from time to time, in the name of and in behalf of this corporation, from UNION BANK such sums of money as said officers deem expedient, from time to time to extend or renew any such loan in whole or in part, to contract with said bank upon such terms and conditions as it requires for the issuance of commercial letters of credit, circular letters for the use of travelers and any other instruments of credit, the aggregate principal indebtedness of this corporation with respect to such transaction outstanding and unpaid at any one time not to exceed the sumof *TWO HUNDRED NINETY SIX THOUSAND SIX HUNDRED TWENTY FIVE & NO/100* dollars ($ 296,695_00 ); and said officers are hereby authorized to execute in its corporate name the note or notes of this corporation as evidence of each such loan and of any extension or renewal thereof and to execute all contracts and other instruments required by the bank in connection with any loan, each of which contracts, notes and other instruments shall contain such terms and conditions as are agreed upon by said officers and said bank, including among others not specified in this resolution provisions regulating or restricting the declaration and payment of dividends by the corporation, the payment of indebtedness to officers, shareholders, or other persons other than the bank, or other regulations or restrictions of the same or different kinds, conditions as to default, attorney's fees, waivers of notice, and sale of securities. "RESOLVED FURTHER that said officers are authorized to hypothecate or pledge with and transfer and deliver to said bank as security for the payment of any obligations so incurred such securities or other assets of this corporation as are agreed upon by them and said bank and to execute in the name of the corporation such agreements of hypothecation as they deem expedient and to include in any such agreement such waivers of demand, notice or advertisement and such other waivers and provisions as seem expedient to them, including among others a provision that any such security may be held by said bank to secure any other indebtedness, whether due or not due, owing to said bank from this corporation. "RESOLVED FURTHER that said officers may direct said bank orally cr by written instruction to disburse the proceeds of any loan made in the name of the corporation to any person, partnership, corporation or other legal entity without limit including to said officers personally. "RESOLVED FURTHER that at any time said bank may apply any money or property in its hands belonging to this corporation to the payment of any indebtedness of this corporation to it, whether due or not due, and any agreement executed as aforesaid may so provide. "RESOLVED FURTHER that if two or more resolutions of this corporation authorizing any of the transactions authorized by this resolution are outstanding concurrently at any time the provisions thereof shall be deemed to be cumulative. "RESOLVED FURTHER that said officers are authorized in addition to any obligation incurred under any of the preceding provisions of this resolution to discount with said bank any notes, drafts, acceptances, bills of exchange, or other evidences of debt owned by this corporation upon such terms as are agreed upon by said bank and said officers and in the name of this corporation to endorse such evidences of indebtedness so to be discounted by said bank and to guarantee payment thereof to said bank. "RESOLVED FURTHER that upon the execution by said officers of any instrument authorized by this resolution such instrument shall be deemed to be executed by this corporation whether or not the corporate seal of this corporation is affixed thereto. "RESOLVED FURTHER that all loans heretofore made by said officers in the name of this corporation and all promissory notes and other documents executed by them in connection therewith or to secure the same are hereby ratified and approved. "RESOLVED FURTHER that said bank shall be able to rely on the incumbency of the above named officers until written notice is received at the above captioned office. "RESOLVED FURTHER that this resolution shall remain in full force and effect until written notice of its repeal has been received by said bank, at the above captioned office, such revocation however not to affect the validity or any note or other instruments theretofore executed." • •• r rtify that the foregoing isa true copy of a resolution duly adopted by the directors of MIDPENINSULA REGIONAL ('E DISTRICT a corporation, of directors duly and regularly held on 19 7C and that said a d effect. hat the signatures indicated above are trxe specimens of ac captioned office 's signature. _ , 19 (J at , ( fISQ , California. (City) as Secretary of MIDPENINSULA REGIONAL OPEN SPACE DISTRICT President ,^ V 534 • PR 106 BORROWER NAME KIDPENINSULA REGIONAL OPEN SPACE MATURITY DATE 01-31-79 BORROWER NUMBER NOTE NUMBER 648-80459-65 014466.. Palo Alto ,California Date 01-31-78 On demand and if no demand then on J an u a r y 31, 1979 latiactbre, for value received, the undersigned maker (s) promise(s) to pay to UNION BANK, or order, at irc M i r1- P p p i n c u 1 a 11 p 8 i n n a 1 H Q a ri ,Office; the principal sum of together with interest from date on the unpaid principal hereof: !g at the rate of - 5 1 / 2 - % per year, 648V" ° (it" ic,) fltA n e-i;. s296.625.00 nOLLARS, ❑ at the rate of % per year in excess of the prime rate of interest which UNION BANK charges corporate borrowers of the highest credit standing for short-term unsecured loans, which shall vary concurrently with any change in such prime rate, or $ 100.00 , whichever is greater. Interest shall be computed at the above rate on the basis of the actual number of days during which the principal hereunder is outstanding divided by 360 which shall, for the purposes of this note, be one year. Interest shall be payable: ❑ monthly 0 quarterly [i s_emi-annually , and if not so paid shall become part of the principal. Upon default, the whole sum of principal and interest shall become clue immediately at the option of the holder hereof. Default shall include, but not be limited to, the failure of the maker (s) to pay interest or principal when due; the filing as to each person obligated hereon, whether as maker, co -maker, endorser or guarantor (hereafter individually or collectively referred to as the "Obligor") of a voluntary or involuntary petition under the provisions of the Federal Bankruptcy Act, the issuance of any attachment or execution against any asset of any Obligor; the death of any Obligor, or any deterioration of the financial condition of any Obligor which results in the holder hereof deeming itself, in good faith, insecure. In the event of default, at the option of the holder hereof, interest may be charged on the amount delinquent at a rate 5% greater than the interest rate contracted for on the principal herein, effective from the date that such amount(s) shall become overdue, and the clay following any other event of default. Such increased rate of interest shall continue until such delinquent amount(s), with interest thereon at the increased rate, shall have been paid or such other event of default has been cured to the satisfaction of the holder hereof. If this note is not paid when due, each Obligor promises to pay all costs and expenses of collection and reasonable attorneys' fees incurred by the holder hereof on account of such collection, whether or not suit is filed thereon. Each Obligor shall be jointly and severally liable hereon and con- sents to renewals, replacements, and extensions of time for payment hereof, before, at, or after maturity; consents to the acceptance, release, or substi- tution of security for this note; and waives demand and protest and the right to assert any statute of limitations. Any married person who signs this instrument agrees that recourse may be had against his/her separate property for any obligations hereunder. The indebtedness evidenced hereby shall be payable in lawful money of the United States. In any action brought under or arising out of this note, each Obligor, including his/her successor(s) or assign(s), hereby consents to the jurisdiction of any competent court within the State of California, and consents to service of process by any means authorized by California Law. Refer to the Credit Agreement dated February 25, 1977 between MIDPENINSULA REGIONAL OPEN SPACE DISTRICT, maker and UNION BANK, payee. By: /4j K;4#14..</.4 By: Ptes1avect t. Title Title MIDPENINSULA REGIONAL OPEN SPACE DISTRICT 745 T)i at•pj 1)r_ �• 'Log Altos, Ca- 94022 Payment Guaranteed by - By : K. a -u ->UL Oice presideAt By: geate,40.4.4j D ► re.c of--- By: By • Title Title he,ct. S�rY-rr Title Dirt Title l� re -CA -ter - N.119 (REV. 12.76) RESOLUTION NO. 78-13 PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open Space District on May 24 , 19 78 at a regular meeting thereof, by the following vote: AYES: Katherine Duffy, Barbara Green, Nonette Hanko, Richard Bishop, Edward Shelley, Harry Turner and Daniel Wendin NOES: None ABSTAIN: None ABSENT: None ATTEST: APPROVED: Board of�15ire Secretary, ctors President Board 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 date. District Clerk