HomeMy Public PortalAboutResolution - 79-10- 19790214 - Approve Bond Purchase foRESOLUTION NO. 79-10
RESOLUTION OF BOARD OF DIRECTORS OF NIDPENINSULA REGIONAL
OPEN SPACE DISTRICT STATING DISTRICT'S WILLINGNESS
AND INTENTION TO PURCHASE CITY OF SAN CARLOS ASSESSMENT
DISTRICT BONDS FOR PURCHASE OF HASSLER PROPERTY
WHEREAS, a number of interested citizens in the City of
San Carlos have indicated an interest in establishing an assess-
ment district pursuant to the provisions of the Improvement Act
of 1911 to participate in the funding of the acquisition of the
Hassler Health Home Property for recreation and open space pur-
poses, and
WHEREAS, there is being prepared for circulation and pre-
sentation to the City Council of the City of San Carlos a petition
to establish such an assessment district, and
WHEREAS, the Midpeninsula Regional Open Space District
("District") has previously issued and sold its District Promis-
sory Notes, Series A, pursuant to its Resolution No. 77-29 adopted
July 13, 1977, and
WHEREAS, the Board of Directors considers the establishment
of an assessment district for assisting in the acquisition of the
Hassler property for open space purposes to be in the public in-
terest and wishes to assure that any assessment district thus
formed by the City of San Carlos will enjoy a cost of money at
least as favorable as that attained by District under the sale of
its Series A Promissory Notes;
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors
of the Nidpeninsula Regional Open Space District, as follows:
Section 1. District hereby states its willingness and
intention to purchase any and all bonds (or the equivalent) issued
by the City of San Carlos as a result of the formation of an
assessment district for the purpose of assisting in the acquisi-
tion of the Hassler Health Home Property, such bonds to be in a
total face amount of approximately $300,000.00 payable in
approximately annual installments over a period of approximately
ten years, at a rate of interest equal to that attained by
the District in the sale of its said Series A Notes, to wit,
approximately 5.5%.
Section 2. Any such purchase by District shall be accom-
panied by the opinion of reputable bond counsel attesting to the
validity of said bonds issued by said assessment district.
2
RESOLUTION NO.. 79-10
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula
Regional Open Space District on FPhriiary 14 , 1979 at a
regular meeting thereof, by the following vote:
AYES:
NOES:
E. Shelley, N. Hanko, K. Duffy, D. Wendin, H. Turner and
R. Bishop
None
ABSTAIN: None
ABSENT: B. Green
ATTEST:
APPROVED:
Gti2'c tL
Secretary, Board of Directors President, Board of Dire tc ors
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.