HomeMy WebLinkAboutRESO 5983• ORIGl~·JAL
RESOLUTION NO. 5983
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
AUTHORIZING THE BORROWING OF $1,000,000 FROM BANK
OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
TO FINANCE A SOLAR INSTALLATION LOAN PROGRAM OF THE
CITY AND AUTHORIZING THE EXECUTION AND DEI,IVERY OF
A LOAN AGREEMENT AND OTHER RELATED DOCUMENTS IN
CONNECTION THEREWITH
WHEREAS, the City of Palo Al to (the "City" ) has the right and
power to make and enforce all laws and regulations in respect to
municipal affairs and certain other matters in accordance with Sections
3, 5 and 7 of Article XI of the Constitution of the State of California
(the "Constitution") and Article II of the Charter of the City (the
"Charter");
WHEREAS, the City Council of the City, acting under and pursuant
to the powers reserved to the City under Sections 3, 5 and 7 of Article
XI of the Constitution and Article II of the Charter, hereby finds that
the public interest and necessity require the establishment of a pro-
gram and procedure for the borrowing of funds in order to provide
financing fo~ certain purposes as specified herein;
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Palo
Alto, as follows:
1. The City Counci 1 hereby finds and determines that it is in
the public interest, serves a public purpose, {Jromotes the health,
welfare and safety of the citizens of the City, and constitutes a
municipal affair for the City to establish a program of providing
financing to residE~~s of the City to finance the installation of solar
water heati~g systems in homes occupied by them within the City (the
"Program") , and the Program is hereby established as more particularly
described in the Loan Agreement hereinafter mentioned.
2. The borrowing of the sum of One Million Dollars ($1,000,000)
from Bank of America National Trust and Savings Association (the
~aank") for the purpose of financing the Program is hereby authorized
(the nLoan").
3. The proposed form of loan agreement between the City and the
Bank, presented to this meeting, is hereby approved. The Mayor and
City Clerk are hereby authorized and directed, for and in the name and
on behalf of the City, to execute and deliver a loan agreement in sub-
stantially said form, with such additions thereto or changes therein as
such officers may require or approve, such approval to be conclusively
envidenced by the execution and delivery thereof (as executed and de-
livered, the "Loan Agreement•).
4. All actions heretofore taken by the officers, employees and
agents of the City with respect to the establishment of the Program and
the obtainment of the Loan are hereby approved, confirmed and ratified,
and the Mayor, City Manager, City Treasurer, City Clerk, and other
proper officers of the City are hereby authorized and directed, for and
in the name and on behalf of the City, to do any and all things and
take any and all actions and execute and deliver any and all certif i-
cates, agreements and other documents, including but not limited to
allocation stl.tements to be filed with the State Housing Bond Credit
Committee, an arbitrage certificate and other appropriate certificates,
which they, or any of them, may deem necessary or advisable in order to
consummate the Loan, to perform the obligations of the City under or
pursuant to the Loan Agreement and to carry out the Program.
. ~
5. This resolution shall take effect immediately upon its adcp-
tion.
INTRODUCED A.ND PASSED: Decarber 21, 1981
AYES: Bechtel, Byerly, Fazz.in:>, Fletcher, Henderson, Klein, Levy
NOES: None
ABSTENTIONS: None
ABSENT: Renzel, Witherspoon
APPROVED:
~~w: Vice Mayor
City Attorney ·
..
' . " ' .
CITY CLERK'S CERTIFICATE
I, Ann J. Tanner, City Clerk of the City of Palo
Alto, hereby certify as follows:
The foregoir.g is a full, true and correct copy of a
resolution duly adopted at a regular meeting of the City
Council of the City of Palo Alto, duly, regularly and legally
held at the regular meeting place thereof on December 21,
1981, of which meeting all of the members of said Council had
due notice and at which at least a majority thereof were present.
At said meeting said resolution was adopted by the follo1o1ing vote:
Ayes: Becht.el, E<...rerly, Fazzi.ID, Fletcher, Hen::l.erson, Klein, Levy
Noes: None
Abstain: None
Absent : Renze!~ Witherspoc>n
I have carefully compared th~ foregoing with the
original minutes of said meeting on fiie and of record in my
office, and the foregoing is a full, true and correct copy of
the original resolution adopted at said meeting and entered
in said minutes~ and
Said resolution has not been amended, modified or
rescinded since the date of its adoption, and the same is now
in full force and eff~ct.
Dated: December ~. 1981.
40099-0003-061-0880 3
12/10/81