HomeMy Public PortalAboutResolution - 73-09- 19730328 - Approve Loan from SCCRESOLUTION NO. "ib-q
RESOLUTION AUTHORIZING RECEIPT OF LOAN
FROM COUNTY OF SANTA CLARA PURSUANT TO
GOVERNMENT CODE SECTION 23010.
WHEREAS, Government Code Section 23010 authorizes
a loan by a county to a regional park district upon terms
more particularly set forth therein, and
WHEREAS, the Midpeninsula Regional Park District
has requested such a loan of the county as more particularly
described in the letter of Stanley R. Norton to the Board of
Supervisors, dated March 8, 1973, a copy of which is affixed
hereto, and the Board of Supervisors at its meeting of March
20, 1973, authorized such a loan, and
WHEREAS, the Board of Supervisors at its meeting of
March 27, 1973, by resolution no. , directed the
Finance Officer of the county to make such a loan to the District
under said Section 23010,
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE MID -
PENINSULA REGIONAL PARK DISTRICT DOES RESOLVE to authorize
receipt of said loan pursuant to Government Code Section 23010
and said resolution of the Board of Supervisors.
Passed and adopted by the Board of Directors of the
Midpeninsula Regional Park District on March 28, 1973, at
a regular meeting thereof, by the following vote:
AYES, and in favor thereof:
Directors: Daniel Wendin
Nonette Hank()
Daniel Condron
NOES: none William Peters
ABSENT: One
ATTEST:
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Secretary President - Board of Directors
-1-
STANLEY R. NORTON
ATTORNEY AT LAW
407 SHERMAN AVENUE
PALO ALTO,CALIFOR.NIA 94306
TELEPHONE 324•I366
March 8, 1973.
Honorable Board of Supervisors
County of Santa Clara t
70 West Hedding . Street;
San Jose, California
Gentlemen:
On behalf of the Board of Directors of
the Midpeninsula Regional Park Distri t Ihave been
exploring sources of loan funds to en ble the
District to operate until it receives its first taxes
about December 15, 1973.
I have concluded that the simplest and best
so.lution would be a loan from the.Cou.ty. Previous
informal discussions with County people have suggested
this could be done. with a minimum of Ted tape.
The District would like to k orrow $15,000.00
now, $15,000.00 in three months and $ 5,000.00 three
months thereafter. The interest rate can be negotiated,
perhaps based on the interest the Cou ty would otherwise
receive on comparable short term investments. We would
agree to allow the County to repay itself from the monies
collected by the County and payable t the District in
December.
We request that this matter be placed on your
next agenda and that Board action be aken to authorize
staff to prepare the documentation necessary to complete
the transaction at theiearliest possille date.
SRN:hr
cc : Mr. Howard Campen
County Executive
Very truly ours
yo /,
Stanley R. N rton
William M. Siegel, Esq.
County Counsel.
Board of Directors