HomeMy WebLinkAboutORD 3254--·-·----~~-----------------------.
•
ORDl NANCI·: NO. 325l1
ORDINANC:r: OF 'l'rH: CO!lNCT 1, ClF ;fiffr:·-'t'.(TY t)F· PALO /\T,TU
1\~lENDit-.JG 'l'HE BUDGE'l' F'Ok 'J'llf·: F LSt~l\1. Yfil\R 1 qgo-H 1 TO
P HOVI DE FUNDING ~'0~ 'r· lb .. ;)WN P/1. Y1-l ENT FOH P UHC!I/\~~1: OF
'ri-lE VEN'l'URA SCHOOL SI'fb FHOM PALO l\L'rO UNIFIED :;CH(1\)!,
DISTRICT AND TO ES'I'ABLISH l\ Hr~S8RVE FO.R. Tilt: Hl\L!\Nn:
OF PAYMENT FOR 'l'HA'T' PUHCH1\Sr:
WH8HEAS, put·suant to ~~~;:: provisions of Sect ion 12 i)f 1\r.·t icle r I I
o f the C h a r t e r o f t h e C i ty o f P al o A 1 to , the Co u n c i1 on ,J u n c 2 .1 ,
1980, did adopt a budget for fiscal year 1980-81; and
WHEREAS, on December 3, 1980, the City of Palo AltcJ and the Palo
Alto Unified School District entered into a pu~chase dg~eemcnt for
the "Ventura School Site"; and
WHEREAS, the City of Palo Alto hus agreed to terms for. sa.id pur
chase calling for a down payment and fo~ two subsequent installments:
NOW, THEREFORE, the Council of the Ci.ty of Palo Alto does ORDAIN
as foLlows:
SEC'l"ION 'I. '!'hat pUt"SUi.l.nt to thE~ terms of tih: ,1qt·l.~c;twnt. Uh? Cit:;'
ControfTer··-·estab1 inh a "H.eser·ve for. t.ih' Puccha~c;c l)[ v,::it~11.·.:~ s,:·hcn:
Propet·ty" in an amount sufficient for the payment un the pr·in~.:ip-:.11
bi:d.ancE~ due of One ~1i llion ·rwo Bu(ldred Eiqhtcen 'T'h·.)u:><1nd Nine Hundrc:1
Eighty-two Dollars ($1 ,218,982) and the General Fund Cunt i.ncwnt i{(l··
serve be correspondingly decreased.
SECTION 2. 'l'hat the Reserve be incre<:J.:~;cd annuz>lly cF·, ,! ,llW 30 t.:)
reflect -the Tr1tere~:;t pot·tion of the purchase pr.icc.
SECTION 3. '!:he sum of Four l1undred Six Thou~:;.1nd 'I'hrce li,lnch·t~d -----·-Twenty-seven and 66/100 Dollat:s ($406,327.66) is appr-opriated fro:n
the Reserve for the down payment req11ired by the rurchasc agreement.
SECTION 4. This acquisition is a Class I Existing Facilities
Bxempt:ion--unde:c CEQA and no environmental assessment is reqDired.
S.EC'l'ION 5. This ordinance shall become ef-U~ctive immcd1dtely as
pt"ovided in Section 12 of !n:ticl<"~ III of th.:::• Chal."ter and Section
2.04.375 of the Palo Alto Municipal Code.
IN'rRODUC ED AND PASS ED: December 22, 1980
AYES: Bechtel, Fyerly~ Fazzino~ F"letcher~ Hfmderson. Levy, Renzel
NOES: None
ABSTFNTIONS: None
ABSr:NT: Brenner, ~~; therspoon
APPROVED: