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RESOLUTION NO. 31-86
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
THE TOWN OF LOS ALTOS HILLS EXTENDING DATE OF PAYMENT
OF INSTALLMENT NOTE IN CONNECTION WITH THE PURCHASE
OF LOT 16 IN MATADERO CREEK SUBDIVISION
RESOLVED, by the City Council of the City of the Town of Los
Altos Hills , County of Santa Clara, State of California, that
WHEREAS, heretofore in connection with their purchase of Lot
16 in Matadero Creek Subdivision from the City of the Town of Los
Altos Hills (herein called the "TOWN") , Yoab Y. George and Najiba
S. George, his wife, executed and delivered to the TOWN their In-
stallment Note in the principal amount of Two Hundred Twenty Thou-
sand Dollars ($220 , 000) together with interest at the rate of
fourteen (14) percent per annum, due and payable by March 15 , 1986;
and
WHEREAS, Mr. and Mrs..George,' who have made dnterest_ payments on .
the :,Note; have__r.equested% that 'the TOWN'-:extend they date fOr..'.payment
of the: balance of .principal and-:interest-:-_remaining unpaid=uritil
March 15 , 1989 ,
NOW, THEREFORE, IT IS FOUND, ORDERED AND DETERMINED as follows :
1. Public interest and convenience require the TOWN to approve
the requested extension for payment because the rate of interest
being received under the Installment Note is higher than the rate
of interest which the TOWN could expect to receive if the balance
owing were paid now and the TOWN reinvested the proceeds therefrom,
and the TOWN hereby approves the request for extension of the time
of payment of the balance owing under the Installment Note described
above until March 15 , 1989.
2 . The Mayor and City Clerk of the TOWN, be, and they and each
of them hereby is authorized and directed on behalf of said TOWN,
• •
respectively, to execute and attest any documents required in
connection with the extension of payment date.
REGULARLY passed and adopted this 5th day of March, 1986.
BY �� \ �
AYOR
ATTEST:
CITY CL RK
Reso. #31-86/page two
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