HomeMy WebLinkAbout1963-05-21; Municipal Water District; Resolution 173RESOLUTION NO. 173
A RESOLDTION OF THE BOARD OF DI€!BY!OB OF TKE CARZSBAD MUNICIPAL WATER
DISTRICT AUTHORIZING THE pREsIDE3T AND TREBSURW OF SIAD DISTRICT TO
BORROW THE SUM OF FORTY EIGHT THOUSAND DOLLARS ($4.8,000.00) FROM THE BANK
OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, OGEANSIDE BRANCH, AT THE RATE OF 2.68 PERCENT PER ANNUM FOR A PERIOD OF FIVE YEARS.
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c WHEREAS, at a duly held Board of Directors' meeting of the CARISBAD MUNICIPAL WATER DISTRICT, wherein all of the directors were present, it was determined that the
CARLSBAD MRVICIPAL WATER DISTRICT needs to have hds available to construct its proposed new Administration Builairlr, in the amount of Forty-Eight Thousand Dollars
($48,000 000 1 #
WHEREAS, Section 12, subsection 8b of the Municipal Water District Act of 1911 allows the District to borrow funds up to Hfty Thousand Dollars ($sO,OOO.OO) for ten (ID) years, at an interest rate of not to exceed six percent (6%) per annum, to be repaid aut of the general funds,
WHEREAS, the BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION has offered to lend Forty-Eight Thousand Dollars ($48,000.00) on a par value negotiable promissory note of the CBRISBAD MUNICIPAL WATER DISTRICT, San Mego County, California, which note
shall be payable in five approximately equal azmual instalhents, with interest on the
unpaid balance at 2.68% per annum, said interest payable annually.
ROW, THEREFORE, BE IT RESOLVED, that the offer of the BANK OF AMERICA NBTIOMAL TRUST AND SAVINGS ASSOCIATION 3s accepted and that the President and the Treasurer of
stkid District are authorized to borrow the sum of Forty-Eight "hausand Dollars (&8,000.00) from the BANK OF AMERICA NATIONAL TRUST AND SAVINGS BSSOCIATION, Oceanside Branch, at the rate of 2.68% interest per annum on the unpaid bdance, principal payable in five (5) 1
annual Installments, interest payable annually. CARISRAD M3WICIPAL WATER DISTRICT reserves the right to pay the whole of said sum, with interest to date at aqy time after the date
of the note, said note to be dated on the date of delivery and shal1 be payable in full
in not less than five years, said note to be issued pursuant to Section 12, subsection
8b of the mcipal Water District Act of 1911. as follows :
Said note is to be in the words and form
&8,000 .OO Carlsbad, California
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In installments and at the times hereinafter stated, for value received, the
CARISBAD MINICIPAL WATER DISTRICT promises to pay to the BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, or order, at Oceanside, California, the principal
sum of Forty-Eight Thousand Dollars ($48,000.00) with interest f'ram the date hereof on the amount of principal remaining fromtime to tims unpaid, until said principal
sum is paid, at the rate of 2.68% per annum. installments , interest payable annually.
Principal payable in five equal armual
The CBRLSBAD MJNICIPAL WATER DISTRICT resemes the right to pay the whole of
said principal with interest to date at any time after date, without penalty.
"Should the interest not be 80 paid, it shall, at the option of the holder of
this note became a part of the principal and thereafter bear like interest a~ the
principal. due, then the whold sum of principal shall become immediately due and payable at
the option of the holder of this note.
employed to enforce paynrent of this note, the undersigned agrees to pay in addition
a reasonable sum as attorney's fees.
of the United States."
Should default be made in the payment of any of said installments when
-- Shwld suit be commenced or an attorney
Principal and interest payable in lawful money
The undersigned, RICHARD R. COE, hereby certifies :
He is now and at all times herein mentioned has been the duly elected, qualified and
acting Secretary of CARLSBAD MURICIPAL WATER DISTRICT, a duly organized and existing municipal water district; that the foregoing Resolution is a fill, true and correct copy of a resolution duly adopted by the Board of Mrectors of said municipal water district at a regular meeting thereof duly held on May 21, 1%3, at which meeting a quorum of said Board waa at all times present and acting; and that said resolution hub not been modified or rescinded and is at the date ofthis certificate in Full force and effect.
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IN WITNESS WHEREOF', the undersigned has executed this certificate and affixedthe
seal of said municipal water district this 2lst day of May, l%3.
Secretary of the Board of Mrectors of the Carlsbad knicipal Water District