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4 <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 June 16, 1982, the Town approved the sale <br /> of Lot 12 to James Viso, for a total purchase price of $276 ,000 . 00, <br /> the purchase price to be paid as follows: An amount equal to twenty- <br /> five percent to be paid at the close of escrow and the remaining balance <br /> at the rate of fourteen percent per annum was to be paid monthly to <br /> 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 /> -2- <br />