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411 <br /> i .• _ • <br /> WHEREAS, by reason of existing economic conditions the sale of <br /> lots in the Subdivision has proceeded more slowly than was originally <br /> anticipated by the Town; and <br /> WHEREAS, the Town does not now have within the Revenue Fund set <br /> up for this Subdivision sufficient funds with which to pay the balance <br /> remaining , owing on the Property; and <br /> WHEREAS, heretofore on May 19 , 1982, the Town approved the sale <br /> of Lot 10 .to .D. F. Cooper and R. M. Cooper , for a total purchase price <br /> of $250,501.00, the purchase price to be. paid as follows: An amount <br /> equal to twenty-five percent to be paid at the close of escrow and <br /> the remaining balance at the rate of fourteen percent per annum was <br /> tobe paid monthly to the Town; and <br /> WHEREAS, the purchasers of the above-numbered Lotnow have pro- <br /> posed to pay the balance of the purchase price in cash at this time <br /> provided that a ten percent discount from the amount of the purchase <br /> price is approved as consideration for the cash payment; and <br /> WHEREAS, the City Council has determined that the payment of the <br /> balance owing after an appropriate adjustment of the amount of the <br /> sale price by reason of a ten percent discount would be in the best <br /> interests of the Town and its inhabitants because it would make avail- <br /> able an unexpected amount of cash to be applied to the unpaid balance <br /> owing the Palo Alto Unified School District, <br /> NOW, THEREFORE, the City Council of the City of the Town of Los <br /> Altos Hills does hereby resolve and order as follows: <br /> -2- <br />