HomeMy Public PortalAboutResolution - 78-15- 19780628 - Confirm Contracts and Es/c
RESOLUTION NO. 78-15
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE MIDPENINSULA REGIONAL OPEN SPACE
DISTRICT CONFIRMING CERTAIN CONTRACTUAL
OBLIGATIONS, COMMITMENTS FOR ANTICIPATED
PROJECTS AND ESTABLISHING RESERVES THEREFOR
The Board of Directors'of the Midpeninsula Regional Open Space
District does hereby resolve as follows:
Section One. The Board of Directors does hereby find and
confirm that the Midpeninsula Regional Open Space District
("District") has contractual obligations for notes sold and
land purchased as hereinafter set forth:
Name
Series A Notes
Union Bank Note
El Sereno Open Space Preserve
Foothills Open Space Preserve
Los Trancos Open Space Preserve
Saratoga Gap Open Space Preserve
Monte Bello Open Space Preserve
(Picchetti Ranch Area)
(Page Mill Road Area)
TOTAL
Section
confirm that there remains from
Principal
$4,600,000
296,625
240,000
115,920
450,000
201,488
88,750
1,600,000
$7,592,783
Interest
$1,136,200
30,317
62,400
30,139
48,156
22,125
5,236
528,000
$1,862,573
Two. The Board of Directors does hereby find and
the sale of Series A notes the
sum of $2,418,392, which has previously been committed to
expenditure for principal payments on the following projects:
Project Name Principal
Union Bank Note $ 296,625
Los Trancos Open Space Preserve 450,000
Saratoga Gap Open Space Preserve 201,488
Monte Bello Open Space Preserve
(Picchetti Ranch Area) 88,750
(Page Mill Road Area) 320,000
Hassler Property 1,050,000
Miscellaneous 11,529
TOTAL
$2,418,392
mioN
Section Three. The Board of Directors does hereby find
and confirm that the District has contractual obligations to
be discharged and, by previous Board action, projects antici-
pated to be consummated, in the fiscal year 1978-1979, as
hereinafter set forth:
Name
Series A Note Payment
Union Bank Note Payment
El Sereno Open Space Preserve
Foothills Open Space Preserve
Los Trancos Open Space Preserve
Saratoga Gap Open Space Preserve
Monte Bello Open Space Preserve
(Black Mountain Area)
(Picchetti Ranch Area)
(Page Mill Road Area)
Long Ridge Open Space Preserve
Hassler Property
Baylands Park
Stevens Creek -Shoreline Nature Study Area
Edgewood Park
Section Four. The Board of Directors does hereby estab-
lish a special fund reserve account (or accounts) restricted
for the discharge of the obligations and the completion
of the projects described in Sections 1, 2 and 3 above in
the amount of Seven Million Six Hundred Thousand Dollars
($7,600,000).
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
RESOLUTION NO, 78-15
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula
Regional Open Space District on
June 28
regular meeting thereof, -by the following vote:
, 1978 at a
AYES: Nonette Hanko, Richard Bishop, Katherine Duffy, Barbara Green
and Edward Shelley
NOES: �-
ABSTAIN:
ABSENT: Harry Turner and Daniel Wendin
ATTEST:
APPROVED:
Secretary, Board of Directors j/aPresident, Board of DirWctors
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