HomeMy Public PortalAboutResolution - 85-08- 19850213 - Approve Issuance of $4Memu) Peak
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
RESOLUTION NO. 85-8
A RESOLUTION OF THE BOARD OF DIRECTORS OF
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
PROVIDING FOR THE ISSUANCE AND SALE OF
$4,000,000 PRINCIPAL AMOUNT OF "MIDPENINSULA
REGIONAL OPEN SPACE DISTRICT 1985 PROMISSORY
NOTES"
WHEREAS, this Board of Directors (the "Board") of
Midpeninsula Regional Open Space District (the "District")
has found and determined that funds in the amount of
$4,000,000 are needed by the District for the purpose of
acquiring necessary and proper lands and facilities for open
space purposes of the District, all in accordance with the
provisions of Article 4 of Chapter 3 of Division 5 of the
Public Resources Code of the State of California (the
"Code"); and
WHEREAS, Section 5544.2 of the Code authorizes the
issuance and sale by the District of promissory notes to
provide funds for the accomplishment of such purpose, and the
Board has determined to issue and sell $4,000,000 principal
amount of promissory notes under such section to provide
funds for the accomplishment of such purpose; and
•
WHEREAS, it is appropriate to adopt this resolution
in order to provide the conditions and terms under and
pursuant to which such promissory notes shall be issued and
sold by the District;
NOW, THEREFORE, BE IT RESOLVED by the Board of
Directors of Midpeninsula Regional Open Space District as
follows:
Section 1. The Board has reviewed all proceedings
heretofore taken relative to the issuance and sale of such
promissory notes and has found, as a result of such review,
and hereby finds and determines that all acts, conditions and
things required by law to exist, happen and be performed
precedent to and in the issuance and sale of such promissory
notes have existed, happened and been performed in regular
and due time, form and manner as required by law, and the
District is now duly authorized to issue and sell such
promissory notes and incur an indebtedness under and pursuant
to the conditions and terms provided in this resolution.
Section 2. Pursuant to the provisions of
Section 5544.2 of the.Code and for the purpose hereinabove
set forth, the District determines to borrow the principal
-sum of $4,000,000 by the issuance and sale as hereinafter
provided of $4,000,000 principal amount of promissory notes
to evidence such indebtedness. Such promissory notes shall
be known as the "Midpeninsula Regional Open Space District
1985 Promissory Notes" (the "Notes"). The Notes shall be
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issued in fully registered form in the denomination of $5,000
or any integral multiple thereof (not to exceed the principal
amount of Notes maturing in any one year), shall be dated
March 1, 1985, and shall mature on the dates and in the
principal amounts and shall bear interest at the interest
rates per annum as set forth in the following schedule:
Principal
Amount
Maturity Date
(December 15)
Interest
Rate
$400,000 1985 10.00
400,000 1986 10.00
400,000 1987 10.00
400,000 1988 10.00
400,000 1989 7.50
400,000 1990 7,75 .
400,000 1991 8.00
400,000 1992 8.20
400,000 1993 8.40
400,000 1994 8.60
The Notes shall bear interest from the interest payment date
next preceding the date of authentication and registration
thereof, unless such date of authentication and registration
is an interest payment date, in which event they shall bear
interest from such date, or unless such date of
authentication and registration is prior to the first
interest payment date, in which event they shall bear
interest from March 1, 1985. Such interest shall be payable
.on June 15, 1985, and semiannually thereafter on December 15
and June 15 of each year until the Notes shall have been
fully paid. Such interest shall be paid by check mailed to
the persons whose names appear as the registered owners
thereof as of fifteen (15) days prior to each interest
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payment date on the registration books required to be kept by
the principal corporate trust office of First Interstate Bank
of California in San Francisco, California (the "Paying
Agent") by Section 5 of this resolution, and the principal of
the Notes shall be payable only on surrender of the Notes by
such registered owners to the Paying Agent at the maturity
thereof. Both the interest on and the principal of the Notes
shall be payable in lawful money of the United States of
America.
Section 3. The Notes and the authentication and
registration endorsement and the assignment form to appear
thereon shall each be substantially in the following forms,
the blanks in said forms to be filled in with appropriate
words or figures, namely:
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[Form of Note]
UNITED STATES OF AMERICA
STATE OF CALIFORNIA
COUNTIES OF SANTA CLARA AND SAN MATEO
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
1985 PROMISSORY NOTE
Interest Maturity Date of
Rate Date Issue
December 15, March 1, 1985
CUSIP
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT, a
regional open space district located in the Counties of Santa
Clara and San Mateo, State of California (the "District"),
hereby acknowledges itself indebted and for value received
promises to pay to
, or registered assigns, on the maturity date specified
above, the principal sum of
THOUSAND DOLLARS
together with interest thereon from the interest payment date
next preceding the date of authentication and registration of
this Note (unless this Note is authenticated and registered
as of an interest payment date, in which event it shall bear
interest from that date, or unless this Note is authenticated
and registered prior to December 15, 1985, in which event it
shall bear interest from March 1, 1985) until payment of said
principal sum in full at the interest rate per annum
specified above, payable on June 15, 1985, and semiannually
thereafter on December 15 and June 15 of each year. Interest
due on or before the maturity of this Note shall be payable
only by check mailed to the registered owner hereof as of
fifteen (15) days prior to each interest payment date, and
the principal hereof shall be payable on the maturity of this
Note only upon surrender hereof by the registered owner
hereof. Both the interest hereon and the principal hereof
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are payable in lawful money of the United States of America
at the principal corporate trust office of First Interstate
Bank of California in San Francisco, California, the Paying
Agent of the District.
This Note is one of a duly authorized issue of
promissory notes of the District aggregating four million
dollars ($4,000,000) in principal amount (the "Notes"), all
of like tenor and date (except for such variations, if any,
as may be required to designate varying numbers,
denominations, interest rates or maturities), and is
authorized to be issued under and pursuant to the conditions
and terms of Resolution No. of the Board of Directors of
the District (the "Resolution") duly and regularly passed and
adopted on February , 1985, under and by authority of
Section 5544.2 of the Public Resources Code of the State of
California, and is issued to provide funds for acquiring
necessary and proper lands and facilities tor open space
purposes of the District.
This Note is transferable by the registered owner
hereof, in person or by his duly authorized attorney, at the
above -mentioned office of the Paying Agent, upon surrender of
this Note for cancellation accompanied by delivery of a duly
executed written instrument of transfer in a form approved by
the Paying Agent, and thereupon a new Note or Notes of
authorized denominations for a like aggregate principal
amount and of the same maturity date will be issued to the
transferee in exchange therefor, in the manner, subject to
the conditions and terms and upon payment of the charges
provided in the Resolution. The District and the Paying
Agent may deem and treat the registered owner of this Note as
the absolute owner hereof for the purpose of receiving
payment hereof and for all other purposes, and neither the
District nor the Paying Agent shall be affected by any notice
or knowledge to the contrary; and payment of the interest on
and the principal of this Note shall be made only to such
registered owner, which payment shall be valid and effectual
to satisfy and discharge liability on this Note to the extent
of the sum or sums so paid.
The Notes are authorized to be issued in the form
-of fully registered Notes in the denomination of $5,000 or
any integral multiple thereof (not exceeding the principal
amount of Notes maturing in any one year). Subject to the
conditions and terms and upon payment of the charges provided
in the Resolution, the Notes may be exchanged at the
above -mentioned office of the Paying Agent for the same
principal amount of Notes of the same maturity date of any
other authorized denominations.
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This Note shall not be entitled to any benefits
under the Resolution or become valid or obligatory for any
purpose until the certificate of authentication and
registration hereon endorsed shall have been signed by the
Paying Agent.
It is hereby certified, recited and declared that
this Note is issued in strict conformity with the
Constitution and laws of the State of California now in force
and with the proceedings of the Board of Directors of the
District authorizing the same, and that all acts, conditions
and things required to exist, happen and be performed
precedent to and in the issuance of this Note have existed,
happened and been performed in regular and due time, form and
manner as required by law, and that this Note, together with
all indebtedness and obligations of the District, does not
exceed any limit prescribed by the Constitution or statutes
of the State of California or by the Resolution, and that the
interest on and the principal of this Note is payable from
limited ad valorem property taxes levied upon all taxable
property within the District by the Board of Supervisors of
Santa Clara County and by the Board of Supervisors of San
Mateo County, and allocated to the District under applicable
law.
IN WITNESS WHEREOF, the District has caused this
Note to be signed by the facsimile signature of the President
of its Board of Directors and attested by the facsimile
signature of the Secretary of its Board of Directors, and has
caused the seal of the District to be imprinted hereon, and
has caused this Note to be dated March 1, 1985.
President of the Board of
Directors of Midpeninsula
Regional Open Space District
[SEAL]
Attest:
Secretary of the Board of
Directors of Midpeninsula
Regional Open Space District
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[Form of Paying Agent's Certificate of Authentication
and Registration]
This is one of the Notes described in the
within -mentioned Resolution which has been authenticated and
registered on
FIRST INTERSTATE BANK OF
CALIFORNIA, as Paying Agent
By
Authorized Officer
[Form of Assignment]
For value received the undersigned do(es) hereby
sell, assign and transfer unto
the within Note and do(es) hereby irrevocably constitute and
appoint
attorney to transfer the same on the register of the Paying
Agent, with full power of substitution in the premises.
Dated:
NOTE: The signature(s) to this Assignment must correspond
with the name(s) as written on the face of the within
Note in every particular, without alteration or
enlargement or any change whatsoever.
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Section 4. The President of the Board is hereby
authorized and directed to execute each of the Notes by his
facsimile signature, and the Secretary of the Board is hereby
authorized and directed to attest such execution of the Notes
by his facsimile signature, and to imprint the seal of the
District thereon, which such signing, attesting and sealing
as herein provided shall be a sufficient and binding
execution of the Notes by the District. If either officer of
the Board whose signature appears on any Note ceases to be
such officer before the delivery of the Notes to the
purchaser thereof, the signature of such officer appearing on
the Notes shall be valid and sufficient for all purposes to
the same extent as if such officer had remained in office
until such delivery of the Notes. Only such of the Notes as
shall bear thereon a certificate of authentication and
registration in the form hereinabove set forth, executed and
dated by the Paying Agent, shall be entitled to any benefits
hereunder or be valid or obligatory for any purpose, and such
certificate shall be conclusive evidence that the Notes so
authenticated and registered have been duly authorized,
executed, issued and delivered hereunder and are entitled to
.the benefits hereof.
Section 5. First Interstate Bank of California at
its principal corporate trust office in San Francisco,
California, is hereby appointed Paying Agent of the District
for the purpose of receiving all money which the District is
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required to deposit with the Paying Agent hereunder and for
the purpose of paying the interest on and the principal of
the Notes. The District may at any time in its sole
discretion remove the Paying Agent initially appointed and
any successor thereto and may appoint a successor or
successors thereto by an instrument in writing; provided,
that the District agrees that it will at all times maintain a
Paying Agent having a principal corporate trust office in San
Francisco, California. The Paying Agent is hereby authorized
to pay the interest on the Notes due on or before the
maturity thereof to the registered owners thereof as their
names appear as of fifteen (15) days prior to each interest
payment date on the registration books required to be kept by
it pursuant to this section as the registered owners thereof,
such interest to be paid by check mailed to such registered
owners at their addresses appearing on such books or at such
other addresses as they may have filed with the Paying Agent
for that purpose, and to pay to such registered owners the
principal of the Notes upon presentation and surrender of the
Notes to the Paying Agent at the maturity thereof.
The District shall from time to time, subject to
.any agreement between the District and the Paying Agent then
in force, pay the Paying Agent compensation for its services,
reimburse the Paying Agent for all its advances and
expenditures, including but not limited to advances to and
fees and expenses of independent accountants, counsel and
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engineers or other experts employed by it in the exercise and
performance of its rights and obligations hereunder, and
indemnify and save the Paying Agent harmless against
liabilities not arising from its own gross negligence or
willful misconduct which it may incur in the exercise .and
performance of its rights and obligations hereunder. The
recitals of facts, agreements and covenants contained herein
and in the Notes shall be taken as statements, agreements and
covenants of the District, and the Paying Agent does not
assume any responsibility for the correctness of the same and
does not make any representation as to the sufficiency or
validity hereof or of the Notes, and shall not incur any
responsibility in respect thereof other than in connection
with the rights and obligations assigned to or imposed upon
it herein or in the Notes, and shall not be liable in
connection with the performance of its duties hereunder
except for its own gross negligence or willful misconduct.
The Paying Agent will keep at its office sufficient
books for the registration, transfer and exchange of the
Notes, which books shall at all times be open to inspection
by the District. Upon presentation for such purpose the
-Paying Agent shall, under such reasonable regulations as it
may prescribe, register or transfer or exchange the Notes on
such books as hereinafter provided.
Any Note may be transferred on such books by the
registered owner thereof, in person or by his duly authorized
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attorney, upon payment by the person requesting such transfer
of such charge as the Paying Agent shall deem reasonable (but
not exceeding twenty dollars ($20.00) for each new Note
authenticated and delivered upon any such transfer) and also
upon payment of any tax or other governmental charge required
to be paid with respect to such transfer and upon surrender
of such Note for cancellation accompanied by delivery of a
duly executed written instrument of transfer in a form
approved by the Paying Agent. Whenever any Note or Notes
shall be surrendered for transfer, the District shall execute
and the Paying Agent shall authenticate and deliver a new
Note or Notes of authorized denominations for a like
aggregate principal amount of the same maturity date. The
District and the Paying Agent may deem and treat the
registered owner of any Note as the absolute owner of such
Note for the purpose of receiving payment thereof as above
provided and for all other purposes, whether such Note shall
be overdue or not, and neither the District nor the Paying
Agent shall be affected by any notice or knowledge to the
contrary; and payment of the interest on and the principal of
such Note shall be made only to such registered owner as
above provided, which payment shall be valid and effectual to
satisfy and discharge liability on such Note to the extent of
the sum or sums so paid.
The Notes may be exchanged on such books by the
registered owners thereof for a like aggregate principal
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amount of Notes of the same maturity date of other authorized
denominations, upon payment by the person requesting such
exchange of such charge as the Paying Agent shall deem
reasonable (but not exceeding twenty dollars ($20.00) for
each new Note authenticated and delivered upon any such
exchange) and also upon payment of any tax or other
governmental charge required to be paid with respect to such
exchange.
Section 6. The proceeds of sale of the Notes
(except accrued interest received on such sale) shall be
deposited with the Controller of the District in a special
fund maintained by him which shall be designated the
"Midpeninsula Regional Open Space District 1985 Promissory
Note Acquisition Fund" (the "Acquisition Fund"). All money
in the Acquisition Fund shall be withdrawn therefrom only
upon the order of the Board or pursuant to its directions,
and shall be expended exclusively for the purpose for which
the Notes were authorized to be issued. All money in the
Acquisition Fund shall, pending expenditure, be deposited or
invested as permitted by law so as to obtain the highest
yield that the Controller of the District deems practicable,
having due regard for the safety of such deposits and
investments; provided, that all such deposits and investments
shall be withdrawable or shall mature, as the case may be, to
coincide as nearly as practicable with the time when the
money so deposited or invested is expected to be expended
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hereunder. All proceeds of such deposits or investments
shall be deposited as and when received in the Acquisition
Fund.
When the purpose for which the Notes were
authorized to be issued has been accomplished, any balance of
money then remaining in the Acquisition Fund shall be
transferred to the Note Fund referred to in Section 7 hereof.
Section 7. For the purpose of paying the interest
on and the principal of the Notes, until the interest on and
the principal of the Notes are paid in full or until there is
a sum in the treasury of the District set apart for that
purpose sufficient to meet all payments of the interest on
and the principal of the Notes as they become due, the
District shall annually set aside a portion of the limited ad
valorem taxes levied upon all taxable property within the
District by the Board of Supervisors of Santa Clara County
and by the Board of Supervisors of San Mateo County, and
allocated to the District under applicable law, sufficient to
pay such interest and principal that will become due before
the proceeds of a tax levied at the next general tax levy
will be available for such purpose. In order to implement
this provision, the District agrees that it will set aside,
as soon as possible after the receipt of such taxes that
become delinquent after April 10, 1985, an amount of such
taxes (or other available funds of the District) equal to the
interest that becomes due and payable on the Notes on
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June 15, 1985, and December 15, 1985, plus the principal of
the Notes that becomes due and payable on December 15, 1985,
and as soon as possible after the receipt of such taxes that
become delinquent after December 10 of each year (commencing
with such taxes that become delinquent after December 10,
1985), an amount of such taxes (or other available funds of
the District) equal to the interest that becomes due and
payable on the Notes on the next succeeding June 15 plus
one-half (1/2) of the principal of the Notes that becomes due
and payable on the December 15 next succeeding such June 15,
and as soon as possible after the receipt of such taxes that
become delinquent after April 10 of each year (commencing
with such taxes that become delinquent after April 10, 1986),
an amount of such taxes (or other available funds of the
District) equal to the interest that becomes due and payable
on the Notes on the next succeeding December 15 plus one-half
(1/2) of the principal of the Notes that becomes due and
payable on the next succeeding December 15.
Such taxes (or other available funds of the
District) shall be deposited by the Controller of the
District in a special fund maintained by him which shall be
-designated the "Midpeninsula Regional Open Space District
1985 Promissory Note Fund" (the "Note Fund"). There shall
likewise be deposited in the Note Fund any money received on
account of interest accrued on the Notes from their date to
the date of delivery thereof and actual payment of the
15
purchase price thereof. The money in the Note Fund shall be
used solely for the payment of the interest on and the
principal of the Notes, and for this purpose the Controller
of the District shall, at least five (5) business days before
each interest payment date on the Notes and each principal
maturity date of any of the Notes, disburse money in the Note
Fund to the Paying Agent in amounts sufficient to make such
interest and principal payments.
All money in the Note Fund shall, pending its
disbursement as above provided, be deposited or invested as
permitted by law so as to obtain the highest yield that the
Controller of the District deems practicable, having due
regard for the safety of such deposits and investments;
provided, that all such deposits and investments shall be
withdrawable or shall mature, as the case may be, to coincide
as nearly as practicable with the time when the money is
required to be disbursed hereunder. All proceeds of such
deposits or investments shall be deposited as and when
received in the Note Fund.
When all the interest on and the principal of the.
Notes has been paid, any balance of money then remaining in
.the Note Fund shall be used for any lawful District purposes.
Section 8. For the further protection of the
registered owners of the Notes, a fund to be known as the
"Midpeninsula Regional Open Space District 1985 Promissory
Note Reserve Fund" (the "Reserve Fund") shall be established
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and maintained at the principal office of the Paying Agent in
San Francisco, California, so long as any Notes are
outstanding. Upon the delivery of and payment for the Notes,
the District shall set aside out of the proceeds thereof and
deposit in the Reserve Fund the sum of $320,000, and
thereafter there shall be maintained in the Reserve Fund an
amount equal to the lesser of either (1) $320,000, or (2) the
sum of (a) one-half (1/2) of the interest on the Notes that
becomes due and payable during the year ending on the next
succeeding December 15 plus (b) one-half (1/2) of the
principal of the Notes that becomes due and payable during
the year ending on the next succeeding December 15.
The money in the Reserve Fund shall be used solely
for the payment of the interest on and the principal of the
Notes in the event and to the extent that the District has no
other money available therefor, except that (1) any money in
the Reserve Fund in excess of the balance required to be
maintained therein may be withdrawn from the Reserve Fund and
used for any lawful District purpose, and (2) the money in
the Reserve Fund may be used (together with any other money
available for that purpose) for the retirement of all the
outstanding Notes. Whenever any withdrawals from the Reserve
Fund reduce the balance therein below the balance required to
be maintained therein, the Reserve Fund shall be replenished
from the first available taxes and revenues of the District,
except that the District shall not be obligated to make any
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payments into the Reserve Fund at any time when the money
contained therein and in the Note Fund is at least equal to
the principal amount of the outstanding Notes plus the
interest then due and thereafter to become due thereon.
All money in the Reserve Fund shall, pending its
use, be deposited or invested as directed by the Controller
of the District as permitted by law so as to obtain the
highest yield that the Controller of the District deems
practicable, having due regard for the safety of such
deposits and investments; provided, that all such deposits
and investments shall be withdrawable or shall mature, as the
case may be, to coincide as nearly as practicable with the
time when such money is expected to be withdrawn for use
hereunder, and any proceeds thereof shall be deposited in the
Reserve Fund.
When all the interest on and the principal of the
Notes has been paid, any balance of money then remaining in
the Reserve Fund shall be used for any lawful District
purpose.
Section 9. The District hereby agrees and
covenants that, until payment in full of all the interest on
and the principal of the Notes (or provision satisfactory for
such payment shall have been made), it will:
A. Duly and punctually pay or cause to be paid
the interest on and the principal of the Notes in accordance
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with the conditions and terms thereof, and with the
conditions and terms of this resolution.
B. Incur no additional indebtedness or capital
lease obligations payable from taxes received by the District
having any priority in payment of the interest on or the
principal of the Notes.
C. Incur no additional indebtedness or capital
lease obligations payable from taxes received by the District
on a parity in payment of the interest on or the principal of
the Notes unless it shall have first filed with the Paying
Agent a certificate executed by the Treasurer of the
District, showing:
1. The taxes received by the District in its
most recent audited fiscal year, as shown by the most
recent audited financial statement of the District, .plus
the total subventions in lieu of taxes received by the
District from the State of California in such fiscal
year, less the total debt service paid by the District
in such fiscal year on all indebtedness or capital lease
obligations of the District incurred prior to June 6,
1978;
2. The total debt service payable by the
District during its next succeeding fiscal year on all
indebtedness or capital lease obligations of the
District, including debt service on such additional
indebtedness, less the total debt service payable by the
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District in such fiscal year on all indebtedness or
capital lease obligations of the District incurred prior
to June 6, 1978;
3. That the total defined in subparagraph 1
above is at least 115% of the total defined in
subparagraph 2 above.
D. Prepare and adopt a budget for each fiscal
year, which budget shall provide as a priority item for the
payment of the interest on and the principal of the Notes
(together with all other indebtedness or capital lease
obligations of the District incurred subsequent to June 6,
1978) becoming due and payable in such fiscal year and for
appropriations fully sufficient to make such payments. A
copy of each preliminary budget shall be filed with the
Paying Agent within twenty (20) days of its adoption and a
copy of each final budget shall be filed with the Paying
Agent within twenty (20) days of its adoption.
E. Make no use of the proceeds of the Notes which
would cause the Notes to be "arbitrage bonds" under Section
103(c) of the Internal Revenue Code; and, to that end, so
long as any of the Notes are outstanding, comply with all
.requirements of said section and the regulations of the
United States Department of the Treasury thereunder, to the
extent that such regulations are, at the time, applicable and
in effect.
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Section 10. The Secretary of the Board is directed
to cause the Notes to be prepared to comply with the
provisions hereof, and to procure their execution by the
proper officers of the Board, and to deliver them, when so
executed, to the Treasurer of the District, who shall deliver
them to the purchaser thereof upon receipt of the purchase
price thereof. The President of the Board and the Secretary
of the Board are further authorized and directed to make,
execute and deliver to the purchaser of the Notes a signature
certificate in the form customarily required by purchasers of
notes of public districts, certifying to the genuineness and
due execution of the Notes, and said Treasurer is hereby
authorized and directed to make, execute and deliver to the
purchaser of the Notes a receipt in the form customarily
required by purchasers of notes of public districts,
evidencing the payment of the purchase price and the delivery
of the Notes, which receipt shall be conclusive evidence that
the Notes have been duly paid for and delivered. The
purchaser of the Notes and any subsequent registered owner of
the Notes is hereby authorized to rely upon and shall be
justified in relying upon any such signature certificate and
.any such receipt with respect to the Notes issued and
delivered pursuant to the authority of this resolution.
Section 11. The Board hereby determines that the
issuance and delivery of the Notes is not subject to prior
investigation, report and approval by the Districts
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Securities Division of the Office of the California State
Treasurer under the Districts Securities Investigation Law of
1965, by reason of the fact that the amount of outstanding
indebtedness of the District plus the principal amount of the
Notes does not exceed one -quarter (1/4) of two hundred per
cent (200%) of the assessed value of the land and
improvements within the District, as shown on the last
equalized assessment rolls of the County of Santa Clara and
the County of San Mateo. The Secretary of the Board is
hereby authorized and directed to file a certified copy of
this resolution, together with evidence as to the foregoing,
with the Districts Securities Division of the Office of the
California State Treasurer, with the request that written
notice be given to the Secretary of the Board that the Notes
do not appear to be subject to prior investigation, report
and approval under the Districts Securities Investigation Law
of 1965.
Section 12. The Notes are hereby sold to Stone &
Youngberg at a price of
Four Million
Dollars ($4,000,000.00), together with accrued interest thereon
from their date to the date of delivery thereof, in
_accordance with the Purchase Agreement with respect to the
Notes, a copy of which is on file with the Secretary of the
Board, and the President of the Board is authorized to
execute such Purchase Agreement for and on behalf of the
District.
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Section 13. The Board, having been advised by its
staff that the Official Statement for the Notes prepared by
Stone & Youngberg accurately reflects the financial
conditions and other factors relating to the affairs of the
District and having carefully reviewed such Official
Statement, hereby approves and authorizes distribution by
Stone & Youngberg of such Official Statement to potential
purchasers of the Notes in the form presented to the Board at
this meeting.
Section 14. This resolution shall take effect from
and after its passage and approval.
PASSED AND ADOPTED this 13th day of February, 1985,
by the following vote:
AYES: Directors Katherine Duffy, Edward Shelley, Ernestine
Henshaw, Nonette Hanko, Harry Turner, and Richard Bishop.
NOES: None.
ABSENT: Director Daniel Wendin.
APPROVED:
Presient o the Board of Directors of
Midpeninsul Regional Open Space District
- [ SEAL ],
ATTEST:
Secretary of the Board of Directors of
Midpeninsula Regional Open Space District
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