HomeMy WebLinkAboutORD 3687~-----------------------------------------------------------------------~-~----
,
ORDINANCE NO. 3687 ORIGINAl • •
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO
MAKING FINDINGS AND DETERMINATIONS AND APPROVING .·
AND AUTHORIZING EXECUTION OF AMENDMENT '1'0 LEASE OF
GOLF COURSE FACILITt WITH THE CITY OF PALO ALTO
WHEREAS, the Board of Directors of the City of Palo Alto .Golf
Course Corporation (hereinafter called 10 Corporat ion") on February 14,
1978, adopted its Resolution No. 78-2, entitled "A Resolution Authori~~
ing t~e Issuance of Golf Course Lease Revenue Bonds of the City of Palo
Alto Golf Course Corporation and Providing for the Issuance uf Series
1978 thereof {the "Resolution"), and pursuant thereto has is.sued its
$1,800,000 Lease Revenue Bonds, Series 1978 (the "Bonds")~ and
WHERBAS, the City of Palo Alto (the "City") and the Corporation
have entered into a Lease entitled "Lease Of Golf Course Facility City
of Palo Alto Golf Course Corporation (As Amended)", dated as of October
3, 1978 (the "Lease10 ), in connection with the transactions contemplat~d
by the Resolution and to secure the Bonds, pursuant to which Lease the
Corporation leased the Site (as defined in the Lease) from the City and
leased the Site and the Golf Cours.e Facility to the City; and
WHERBAS, the City and the Corporation now desire lo amend the
Lease as hereinafter vrovided and such amendment is permitte~ pursuant
to Section 906 and Sect.Lon 911 of the Resolution upon certain condi
tions;
NOW,. TH£REFORE, the Council of the City of Palo Alto does ORDAIN
as follows:
SECTION 1. That certain Amendment to Lease of Golf Course Facil
ity by and ~?~ween. the City of Palo Alto G6lf Course Corporation and
the City of Palo Alto, .tia.ted as of February 15, 1986, a copy ·Of which
is on file in the office of the City Clerk, is hereby approved. Upon
the effective date of this ordi.n'anc·e, the Mayo~. i::, ·. ::-,t:~.eoy autho:t;:ized
and directed to execute counterparts of said Amendment to· Lease on
behalf of the City and the .city Clerk j.s hereby authorized and directed
to attest his signature and to affix the corporate seal of the city ··
thereto.
SECTION 2. · The City Clerk is f·1rther authorizP.d and directed. to
file a certified copy of this ordinance with the City of Palo A.lto Golf
Course Corporation and with Bank of America, N.A., as Fiscal Agent for
the City of Palo Alto Golf Course Corporation $J ,800,000 Le~se Re•,;enue
Bonds, Series 1978. ·
SECTION 3. This ordinance shall be published once .in the-. Palo
Alto T1mes, a newspaper of general circulation published in the City,
within fL2teen ( 15) days after its passage pursuant to Sect ion 54242 of
the Governm~nt Code.
'',< .' I •. : ~·-
~·. ''
.. , • • . . . ·,,.
SECTION 4.. The Counci 1 of the city of Palo Alto hereby finds th~·t:. · .~:.
none of the provisions of this ordinance will have a significant
environ.ental iapact. ,. , ..
SEC"l'ION s. This ordinance is subject to the provisions for ref~'v
endua appl1cable to the City as set forth in the City Charter .and
shall, therefore, bec011e effective upon the commencement of the thirty~
first day after the day of its passage.
INTRODUCED: May 19, 1986
PASSJo.;o: June 2. 1986
AYES: Bechtel, Cobb, Klein, Levy, Patitucci, Sutorius, Woolley
NOES~ Fletcher~ Renzel
ABSTENTIONS: None
ABSENT: None
A~-~-:---....,-
Mayor