HomeMy Public PortalAboutResolution - 96-26- 19960724 - Purchase Indemnity SuretyRESOLUTION 96-26
RESOLUTION OF THE BOARD OF DIRECTORS OF THE
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
AUTHORIZING THE PURCHASE AND EXECUTION OF
AN INDEMNITY SURETY BOND TO PARTIALLY FUND
THE DEBT SERVICE RESERVE FUND FOR 1995
PROMISSORY NOTES
WHEREAS, the Midpeninsula Regional Open Space District has issued the
"Midpeninsula Regional Open Space District 1995 Promissory Notes" in the amount of
$11,500,000.00; and
WHEREAS, the 1995 Notes required the establishment of a 1995 Debt Service
Reserve Fund in an amount equal to $920,000.00 and further authorize the District to obtain
a Surety Bond in place of fully or partially funding the Debt Service Reserve Fund; and
WHEREAS, application has been made to AMBAC Indemnity Corporation for the
issuance of a Surety Bond for the purpose of funding one-half of the 1995 Debt Service
Reserve Fund.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the
Midpeninsula Regional Open Space District as follows:
Section One. The President or other appropriate officers and General Manager of the
District are authorized to purchase and execute an indemnity surety bond in a premium
amount not to exceed $13,800.00 for the purpose of funding one half of the Debt Service
Reserve Fund for the 1995 Promissory Notes.
Section Two. The President or other appropriate officers, attorneys and General
Manager of the District are hereby authorized and directed to do any and all things and to
execute and deliver any and all documents which they may deem necessary or advisable in
order to carry out, give effect to and comply with the form and intent of this Resolution
including, but not limited to, the execution of the Debt Service Resource Fund Policy
Agreement, the payment of any premium therefore in an amount not to exceed $13,800.00.
Any such actions heretofore taken by such officers or attorneys or General Manager are
hereby ratified, confirmed and approved.
Section Three. This resolution shall take effect immediately upon its passage.
* * * * * * * * * * * * * * * * * *
RESOLUTION NO. 96-26
PASSED AND ADOPTED by the Board of Directors of the Midpeninsula Regional Open
Space District on July 24
the following vote:
19 9 6 at a regular meeting thereof, by
AYES: Nonette Hanko, Betsy Crowder, Peter Siemens, and Wim de Wit
NOES: None
ABSTAIN: None
ABSENT: Ernestine Henshaw, David Smernoff, and Mary Davey
ATTEST:
APPROVED:
Secure ry, Board of Directors wesident, Board of Directors
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 day.
District Clerk