HomeMy WebLinkAbout1970-08-05; Municipal Water District; Resolution 254RESOLUTION NO, 254
A RESOLUTION OF THE BOARD OF DIRECTORS OF CARLSBAD MUNICIPAL
WATER DISTRICT AUTHORIZING A LOAN OF $1OO,OOO FROM SECURITY-
PACIFIC NATIONAL BANK
WHEREAS, the CARLSBAD MUNICIPAL WATER DISTRICT is
realigning the major transmission line of CARLSBAD MUNICIPAL
WATER DISTRICT on El Camino Real, to coordinate with the re-
alignment of El Camino Real and other improvements by County
of San Diego; and
WHEREAS, after careful investigation of the available
resources of the CARLSBAD MUNICIPAL WATER DISTRICT for the
construction work required by CARLSBAD MUNICIPAL WATER DISTRICT,
the Board of Directors of CARLSBAD MUNICIPAL WATER DISTRICT have
deemed that it is to the benefit and best interests of the Dist-
rict to borrow a portion of the funds necessary for the said
construction work; and
WHEREAS, SECURITY-PACIFIC NATIONAL BANK, a national bank-
ing association, has offered to lend $100,000 to the District
under certain terms and conditions; and
WHEREAS, the Board of Directors of CARLSBAD MUNICIPAL
WATER DISTRICT deems it to be to the best interests of the Dist-
rict to borrow $100,000 from SECURITY-PACIFIC NATIONAL BANK
under certain terms and conditions.
NOW, THEREFORE, THE BOARD OF DIRECTORS OF CARLSBAD
MUNICIPAL WATER DISTRICT DOES HEREBY RESOLVE AS FOLLOWS:
1. That CARLSBAD MUNICIPAL WATER DISTRICT borrow the
sum of $100,000,00 from SECURITY-PACIFIC NATIONAL BANK, a
national banking association, in accordance with the terms and
conditions set forth in the proposed Promissory Note, a copy
attached hereto marked Exhibit "A" and incorporated herein by
reference.
2. That the President and Secretary of CARLSBAD
MUNICIPAL WATER DISTRICT are hereby authorized and directed to
execute the original Promissory Note, a copy of said note
attached hereto as Exhibit "A", for and on behalf of the CARLSBAD
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MUNICIPAL WATER DISTRICT, and to do any and all other ne-
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cessary acts to consummate the loan transaction.
3. That the entire proceeds of this loan of $100,000
shall be used only for the purpose of funding the contract be-
tween CARLSBAD MUNICIPAL WATER DISTRICT and DON HUBBARD CON-
TRACTING CO. for the construction and completion of water system
relocations and extensions for El Camino Real Highway Project,
Carlsbad Municipal Water District.
ADOPTED, SIGNED AND APPROVED this 5th day of August, 1970.
President of CAFhSbAD MUNICIPAL
WATER DISTRICT and of the Board of
Directors thereof.
ATTEST :
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Secretary of CARLSBAD MUNICIPAL
WATER DISTRICT and of the Board
of Directors thereof.
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STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) 1 ss
I, W. D. CARMICHAEL, Secretary of the Board of Directors
of CARLSBAD MUNICIPAL WATER DISTRICT, DO HEREBY CERTIFY that
the foregoing resolution was duly adopted by the Board of Di-
rectors of said District at a regular meeting of said Board
held on the 5th day of August, 1970, and that it was so adopted
by the following vote:
AYES : Directors: Carmichael, Kelly, McLeod,
Maerkle and Palmer.
NOES : Directors: None,
ABSENT: Directors: None.
@k) @wh. 1,J
Secretary of CARLSBAD MUNICIPAL
WATER DISTRICT and of the Board of
Directors thereof,
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) 1 ss
I, W. D. CARMICHAEL, Secretary of the Board of Directors
of CARLSBAD MUNICIPAL WATER DISTRICT, DO HEREBY CERTIFY that
the above and foregoing is a full, true and correct copy of
Resolution No. 254 of said Board, and that the same has not been
amended or repealed.
Dated: August 5, 1970,
W. D, CARMICHAEL Secretary of CARLSBAD MUNICIPAL
WATER DISTRICT and of the Board
of Directors thereof.
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PROMISSORY NOTE
$100,000.00 Carlsbad, California
In installments as herein stated, for value received, the under- .
signed promise to pay to SECURITY PACIFIC NATIONAL BANK, a national
banking association, or order, at Carlsbad, California, the s& of
ONE HUNDRED THOUSAND DOLLARS ($lOO,OOO.OO), with interest from August 5,:
1970, on unpaid principal at the rate of seven per cent (7%) per anhum.'
Principal shall be payable in annual installments of TWENTY THOUSAND
DOLLARS ($20,000.00) or more on the fifth day of August of each yea
beginning on August 5, 1971. Interest shall be payable in quarterly
installments beginning on November 5, 1970. r
interest shall continue after the first payment date until said princi-
pal and interest have been paid in full, *
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Payments of principal and
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iL Should default be made in payment of any installment of principhl
I_ or interest when due, the whole sum of principal and interest shall be-
come immediately due at the option of the holder of this note. Princi-
pal and interest shall be payable in lawful money of the United States.
If action be instituted on this note, the undersigned promises to pay
such sum as the Court may fix as attorney's 'fees.
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\' ? The undersigned reserves the right to prepay any unpaid balance e
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of this note at any time, without any penalty. .;;e
This promissory note is issued in accordance with Section 71811, Z
Water Code, State of California, as amended, and in accordance with
appropriate and legal action by the duly constituted and acting Board
of Directors of Carlsbad Municipal Water District.
CARLSBAD MUNICIPAL WATER DISTRICT
By :
FRED W. MAERKLE, President
".
By :
W. D. CARMICHAEL, Secretary