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• RESOLUTION NO. 1456 RESOLUTION OF THE COUNCIL OF THE CITY OF THE TOWN OF LOS ALTOS HILLS PROVIDING FOR THE BORROWING OF FUNDS FOR FISCAL YEAR 1982-1983 AND THE ISSUANCE OF 1982 TAX AND REVENUE ANTICIPATION NOTE THEREFOR WHEREAS, pursuant to Sections 53850 et seq. of the Government Code of the State of California, this Council (the "Council") has found and determined that the sum of Four Hundred Thousand Dollars ($400,000) is needed for the requirements of the City of the Town of Los Altos Hills (the "City"), a municipal corporation duly organized and existing under the laws of the State of California, to satisfy obligations payable from the General Fund of the City, and that it is necessary that said sum be borrowed for such purpose at this time by the issuance of a temporary note therefor in anticipation of the receipt of taxes, revenue and other moneys to be received by the City for the General Fund of the City during or allocable to Fiscal Year 1982-1983; and WHEREAS, it appears, and the Council hereby finds and determines, that said sum of Four Hundred Thousand Dollars ($400,000) , when added to the interest payable thereon, does not exceed eighty-five percent (85%) of the estimated amount of the uncollected taxes, revenue and other moneys of the City for the General Fund of the City attributable to Fiscal Year 1982-1983 and available for the payment of said note and the interest thereon (as hereinafter provided); and WHEREAS, University National Bank & Trust Company, of Palo Alto, California, has offered to lend the City the sum of Four Hundred Thousand Dollars ($400,000) and thereby purchase the Note from the City, and the Council approves of said offer; NOW, THEREFORE, the Council of the City of the Town of Los Altos Hills hereby finds, determines, declares and resolves as follows: Section 1. Recitals True and Correct. All of the recitals herein set forth are true and correct, and the Council so finds and determines. Section 2. Issuance and Terms of Note. Solely for the purpose of anticipating taxes, revenue and other moneys to be received by the City for the General Fund of the City during or allocable to Fiscal Year 1982-1983, and not pursuant to any common plan of financing, the City hereby determines to and shall borrow the aggregate principal sum of Four Hundred Thousand Dollars ($400,000) from University National Bank & Trust Company by the issuance of a