HomeMy Public PortalAboutResolution - 73-08- 19730214 - Authorize loan from BofARESOLUTION NO. 73-8
RESOLUTION AUTHORIZING THE MIDPENINSULA REGIONAL
PARK DISTRICT TO SECURE AN EXTENSION OF CREDIT IN
THE AMOUNT OF $100,000.00
Be it resolved that the Midpeninsula Regional Park Dis-
trict secure an extension of credit in the amount of $100,000.00.
That this credit be secured from the Bank of America in Mountain
View, California. That this credit be extended as a non -revolv-
ing line of credit expiring February 28, 1974, at an interest
rate not to exceed 3.25% on that portion of the credit which
is outstanding during any period of the loan. That all interest
which accrues on the loan will be payable as of February 28, 1974.
That William Peters, the District Treasurer be empowered to
negotiate this credit. That upon the consumation of this loan,
that an initial sum of $3,000.00 be immediately dispursed to the
District and placed in a checking account at the Bank of America.
The signatories to the checking account shall be Daniel Wendin,
President and William Peters, Treasurer, jointly.
Passed and Adopted by the Board of Directors of the Mid -
peninsula Regional Park District on February 14 , 1973,
at a regular meeting thereof, by the following vote:
AYES, and in favor thereof:
Directors: Daniel Wendin
Nonette Hanko
Katherine Duffy
NOES: none
ABSENT: none
ATTEST:
Secretary
Daniel Condron
William Peters
President - Board of Directors