HomeMy WebLinkAbout1964-12-01; Municipal Water District; Resolution 191RESOLUTION NO. 191
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
WATER DISTRICT AUTHORIZING TRE PRESIDENT AND TREASURER W SAID
DISTRICT TO BORROW THE SUM OF TEN THOUSW DOLLARS ($~O,Ooo.oo)
FROM THE BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION,
OCEANSIDE BRANCH, AT THE RATE OF 2.85 PERCENT PER AN" FOR A
PERIOD OF FOUR YEARS.
MUNICIPAL
WHEREAS, at a duly held Board of Directors' meeting of the CARLSBAD MUNICIP& c
WATER DISTRICT, wherein all of the Directors were present, it was determined that
theCARLSBAD MUNICIPAL WATER DISTRICT needs to have funds available to finance
a proposed caretaker's dwelling facility on District's property at Squires Dam site
in the amount of Ten Thousand Dollars ($10,000.00); and
FMEREAS, conditions of this resolution are in accordance with Division 20,
Part 6, Chapter 2, Section 71812 of the California State Water Code; and
WEREAS, the SANK OF AMERIU NATIONAL TRUST AND SAVINGS ASSOCIATION has offered to lend Ten Thousand Dollars ($10,000.00) on a par value negotiable promis-
sory note of the CARLSBAD MUNICIPAL WATER DISTRICT, San Diego County, California,
which note shall be payable in four approximately equal annual installments, with
interest on the unpaid balance of 2.85% per annum, said interest payable annually;
NW, THEREFORE, BE IT RISOLVED, that the offer of the BANK OF AMERICA
NATIONAL TRUST AND SAVINGS ASSOCIATION is accepted and that the President and the
Treasurer of said District are authorized to borrow the sum of Ten Thousand Dollars
($10,000.00) from the BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION,
Oceanside Branch, at the rate of 2.85% #interest per annum on the unpaid balance,
principal payable in four (4) annual installments, interest payable annually.
$10,000 .oo Carlsbad, California
December 1, 1964
'in installments and at the times hereinafter stated, for value
received, the CARISBAD MUNICIPAL WATER DISTRICT promises to pay to the
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, or order, at
Oceanside, California, the principal sum of Ten Thoasand Dollars
($10,000.00) with intereOt from the date hereof on the amount of principal
remaining from time to time unpaid, until said principal sum is paid,
at the rate of 2.85% per annum. Principal payable in four equal annual
installments, interest payable annually.
The CARLSBAD MUNICIPAL WATER DISTRICT reserves 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 so paid, it shall, at the option of the
holder of this note become a part of the principal and thereafter bear
like interest as the principal. Should default be made in the payment
of any of said installments when due, then the whole sum of principal
shall become immediately due and payable at the option of the holder of
this note. Should suit be commenced or an attorney employed to enforce
payment of this note, the undersigned agrees to pay in addition a reason-
able sum as attorney's fees.
money of the United States.
Principal and interest payable in lawful
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 MUNICIPAL WATER DISTRICT, a duly
organized and existing municipal water district; that the foregoing Resolution
is a full, true and correct copy of a resolution duly adopted by the Board
of Directors of said municipal water district at a regular meeting thereof
duly held on December 1, 1964 , at which meeting a quorum of
said Board was at all times present and acting; and that said resolution
has not been modified or rescinded and is at the date of this certificate
in full force and effect.
IN WITNESS WBWEOF, the Undersigned has executed this certificate and
affixed the seal of said municipal water district this
Secretary of the Board of Directors
of the Carlsbad Municipal Water District