HomeMy WebLinkAboutRESO 6311e e '·-, ..... ·-:. ..... ~····
RESOLUTION NO. 6 311
RESOLUTION OF THE COUNCIL OF THE-CITY OF PALO ALTO
APPROVING THE LOAN AND NOTE AND DEED OF TRUST EVIDENCING SAME
TOGETHER WI TH p.'JTHORI ZATION TO CARRY OUT RI!: LATED ACT I VI TI ES
WHEREAS, the City of Palo Alto has entered into and extended a
"Memorandum of Intent Between the City of Palo Alto and William Zaner
Regarding Housing Assistanc~ for His Employment as City Manager", dated
the 31st day of August, 1979; and
WHEREAS, William Zaner is purchasing property pursuant to said
Memorandum at 945 Colorado Avenue, Palo Alto, California;
NOW, THEREFORE, the Council of the City of Palo Alto does resolve
as follows:
SECTION 1. The form of the promissory note and Deed of Trust by
William Zaner in favor of the City of Pale Alto is hereby approved.
SECTION 2. The Mayor is hereby authorized to reconvey property
held by the Council of the City of Palo Alto a3 Trustee under that Deed
of Trust securing the amount of $1fi5,000.00 dated September 24, 1979
recorded on September 26, 1979 in Book E 821 at page 276 of the records
of the County of Santa Clara, upon receipt of the City's outstanding
balance of $159,008.95 more or less.
SECTION 3. The Director of Finance is hereby authorized to fund
the new loan to William Zaner authorized by the appropriation ordinance
adopted herewith.
SECTION 4. The City Attornev is hereby authorized to issue
appropriate instructions to any uscrow holder to carry out the intent
of this resolution.
INTRODUCED AND PASSED: September 17, 1984
AYES: BAchtel, Cobb, Fletcher, Klein, Levy, Renzel, Sutorius, Witherspoon,
Woolley
NOES: None
ABSTENTIONS: None
ABSENT: None