1990-042-Bay Area Government For Potential Bond Financing Of The Purchase Price Of Proposed Land AcquisitionRESOLUTION 1990 -42
INDUCEMENT RESOLUTION OF THE TOWN OF LOS GATOS
FOR ASSOCIATION OF BAY AREA GOVERNMENT (ABAG)
FOR POTENTIAL BOND FINANCING OF THE PURCHASE
PRICE OF PROPOSED LAND ACQUISITION
BE IT RESOLVED BY THE TOWN OF LOS GATOS AS FOLLOWS:
It is the intent of the Town of Los Gatos (the 'Town ") to finance the design,
acquisition, improvement, addition, alteration, construction and equipping of 1) Library
building project, and 2) various parking lots /facilities (collectively, the 'Project') from the
proceeds of certain Certificates of Participation (the "Certificates ") evidencing an undivided
and proportionate interest of the owners thereof in rental payments to be paid by the Town
for such Project, or from the proceeds of general obligation bonds or other tax- exempt
obligations of the Town. In the event any item or portion of such Project is acquired,
constructed or improved prior to the issuance of the Certificates, general obligation bonds
or other tax- exempt financing, it is the intent of the Town to reimburse the cost of such
acquisition, construction or improvements from the proceeds of such Certificates or other
obligations. The Town Manager and /or Finance Manager shall designate items or portions
of the Project which will be so reimbursed.
PASSED AND ADOPTED at a regular meeting of the Town Council of the
Town of Los Gatos, California, held on the 20th day of February, 1990 by the following
vote:
COUNCILMEMBERS:
AYES: Joanne Benjamin, Eric D. Carlson, Robert L. Hamilton
Brent N. Ventura and Mayor Thomas J. Ferrito.
NOES:
ABSTAIN:
ABSENT: /
SIGNED:
MAYOR E TOWN OF LOS GATOS
ATrE�sT� J
TOWN CLERK OF THE TOWN OF S GATOS MG022090.R8