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• <br /> • <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 17 to Ramchand Nagpal and Shaku Nagpal, for a total purchase <br /> price of $307,000 .00 , the purchase price to be paid as follows:. An <br /> amount equal to twenty-five percent to be paid at the close of escrow <br /> and the remaining balance at the rate of fourteen percent per annum <br /> was to be paid monthly to the Town; and • <br /> WHEREAS., the purchasers of the above-numbered Lot now 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 /> • <br /> . -2- <br />