1983-193-Authorizing The Mayor And The Town Clerk, As Director Of Finance, To Execute Whatever Documents Are Necessary To Acquire A Short-Term Loanri
RESOLUTION NO. 1983 -193
A RESOLUTION AUTHORIZING THE MAYOR AND THE TOWN
CLERK,.AS DIRECTOR OF FINANCE, TO EXECUTE WHATEVER
DOCUMENTS ARE NECESSARY TO ACQUIRE A SHORT -TERM LOAN.
WHEREAS, the Town of Los Gatos must pay Santa Clara County the sum of
$435,000 for acquisition costs of the Villa Vasona property; and
WHEREAS, these funds are not immediately available without incurring
significant interest penalties on Town Certificates of Deposit; and
WHEREAS, the Town Treasurer has negotiated a short -term loan with
an interest not to exceed $3,000 in order to allow the Town to pay the
$435,000 at close of escrow on September 30, 1983;
NOW, THEREFORE, BE IT RESOLVED that the Mayor and the Town Clerk
(Director of Finance) are hereby authorized to execute whatever documents
are necessary for the Town to acquire a short -term loan not to exceed the
sum of $435,000 for the period September 30, 1983, through October 10, 1983,
at a total interest payment of not more than $3,000.
PASSED AND ADOPTED BY THE TOWN COUNCIL OF THE TOWN OF LOS GATOS ata
continued regular meeting held this 26 day of September ,
1983, by the following vote:
AYES: COUNCIL MEMBERS Joanne Benjamin, Terrence
J. Daily, Thomas J. Ferrite, and Mayor
Brent N. Ventura
NOES: COUNCIL MEMBERS None
ABSENT: COUNCIL MEMBERS None
ABSTAIN: COUNCIL MEMBERS None
SIGNED: Z , n - ~-
MAYOR OF THE IOWN OF tOS GATOS
ATTEST:
CLERK OF THE TOWN OF LOS GA S