HomeMy WebLinkAbout1319 • •
RESOLUTION NO. 1319
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A RESOLUTION ESTABLISHING AND CREATING A SPECIAL
FUND TO BE CALLED THE "REVENUE FUND"
RESOLVED, by the City Council of the City of the Town of Los
Altos Hills, County of Santa Clara, State of California, that
WHEREAS , the City Council desires to establish a special fund
to be called the "Revenue Fund" and moneys deposited therein to be
used solely to purchase and acquire real property which the City
Council has determined to be necessary for the preservation of open
space and/or suitable for recreational uses by its residents ,
NOW, THEREFORE, IT IS ORDERED as follows :
1. The "Revenue Fund" be and it hereby is established as a
special fund of the City of the Town of Los Altos Hills .
2. All revenues hereafter deposited in the "Revenue Fund" ,
including income or profits from investment thereof, are irrevocably
pledged to the payment of the purchase price and any interest
accruing thereon, of real property which the City Council has deter-
mined to be necessary for the preservation of open space and/or
suitable for recreational uses by residents of the City.
3. There shall be deposited in the "Revenue Fund" the following:
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(a) All of the revenues to be received from the sale
of the twenty (20) lots to be created on the real
property proposed to be purchased from the Palo Alto
Unified School District of Santa Clara County and
known as the "Page Mill/Alexis Site" .
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(b) Any other amounts from other revenues
ordered to be transferred by the City Council.
REGULARLY passed and adopted this 3nd day of December
1980 .
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ATTEST:
City Clerk
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