HomeMy Public PortalAbout19770228 - Minutes - Board of Directors (BOD) Meeting 77-7
MIDPENINSULA REGIONAL PARK DISTRICT
Special Meeting
Board of Directors
M I N U T E S
February 28, 1977 745 Distel Drive
Los Altos, CA
I. ROLL CALL
The meeting was called to order by President Wendin at 12 :05
P.M.
Members Present: K. Duffy, B. Green, N. Hanko, G. Seager and
H. Turner. E. Shelley arrived at 12 :08 P.M.
Personnel Present: E. Jaynes, A. Crosley, J. Melton, S. Nor-
ton, C. Harrington and B. Clifford.
OLD BUSINESS WITH ACTION REQUESTED
A. Plan to Borrow Money to Finance Land Acquisition.
J. Melton introduced his memorandum (M-77-24) dated February
25, 1977, regarding a proposed Plan to Borrow Money to Finance
Land Acquisition. He said he had been able to make arrange-
ments with Union Bank to borrow $395,500 at 531% interest in
order to pay for the two parcels of land authorized by the
Board for acquisition at its February 23, 1977 meeting. The
principal of the loan would be repaid in four equal annual
installments, with interest paid semi-annually. He said the
loan would be paid in full at any time without penalty. He
recommended that the Board adopt a Resolution of the Board of
Directors of the Midpeninsula Regional Park District Approv-
ing Borrowing Resolution (Union Bank) , and that the Board
execute the promissory note attached thereto. He further
recommended that the Board adopt a Resolution Authorizing
Signing and Endorsing Checks and Other Instruments (Union
Bank) , since the District would establish a checking account
at Union Bank as part of this transaction, keeping a $10 ,000
minimum balance in it.
J. Melton introduced Mr. Gary Kallbach of Union Bank in Palo
Alto, with whom discussions have been held regarding possible
longer term financing arrangements, depending upon District
needs.
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C. Minutes of February 28 , 1977
D. Wendin stated the consensus that the minutes of February 28 ,
1977 be approved as presented.
Meeting 77-7 Page two
S. Norton advised that six of seven Board members must vote
in favor of borrowing funds in order for the resolution to
pass. He stated that Board members ' signatures on the forms
would not create a personal liability on them as individuals.
Motion: B. Green moved adoption of Resolution No. 77-9, a
Resolution of the Board of Directors of the Midpenin-
sula Regional Park District Approving Borrowing
Resolution (Union Bank) . G. Seager seconded the
motion. The motion passed unanimously.
Motion: N. Hanko moved adoption of Resolution No. 77-10, a
Resolution Authorizing Signing and Endorsing Checks
and Other Instruments (Union Bank) . D. Wendin
seconded the motion.
Discussion: D. Wendin clarified that the checking
account was only necessary for the term of the loan.
The motion passed unanimously.
III. CLAIMS
Motion: H. Turner moved approval of the claims (C-77-5) dated
February 28, 1977. D. Wendin seconded the motion.
The motion passed unanimously.
IV. ADJOURNMENT
The meeting was adjourned at 12 : 21 P.M.
Anne Cathcart Crosley
District Clerk