HomeMy WebLinkAbout43-85 410 411
RESOLUTION NO. 43-85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF THE
TOWN OF LOS ALTOS HILLS ORDERING AND DIRECTING THE
SALE OF SEWER ASSESSMENT DISTRICT NO. 9
IMPROVEMENT BOND NO. R-1
RESOLVED, by the City Council of the City of the Town of Los
Altos Hills, County of Santa Clara, State of California, that
WHEREAS, on July. 2 , 1979 the City of the Town of Los Altos
Hills (herein called the "TOWN") caused to be issued to the TOWN
as registered owner, Improvement Bond No. R-1 in the principal
amount of $113 ,726 for Sewer Assessment District No. 9 Series S.A.D. 9
under the Improvement Bond Act of 1915 , Division 10 of the Streets
and Highways Code; and
WHEREAS, the TOWN has received a proposalto purchase Bond No.
R-1 from Emmett A. Larkin Co. , Inc. , a corporation, and to pay an
amount equal to ninety-one (91) percent of the face value of Bond
No. R-1 together with accrued interest.
NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED as follows :
1. The sale of Bond No. R-1 would be in the best interests of
the TOWN because it would improve the TOWN'S cash flow at this time.
2 . The terms and conditions of the sale of Bond No. R-1 described
above are fair and equitable to the TOWN.
3 . Bond No. R-1 hereby is ordered to be sold and transferred to
Emmett A. Larkin Co. , Inc . , a corporation, and an appropriate certificate
delivered upon payment to the TOWN of the sum equal to ninety-one (91)
percent of the face value of Bond No. R-1 together with accrued interest,
111 r
and the Mayor and City Clerk hereby are directed and ordered to
execute and attest, respectively, any documents required to complete
the sale and transfer of Bond No. R-1 in accordance with the pro-
visions of the within Resolution.
REGULARLY passed and adopted this 1st day of May, 1985.
/
B - �. �.
MAYOR
ATTEST:
a_
CITY CLERK
-2-