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RESOLUTION NO. /Jtt73-Z
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RESOLUTION OF THE CITY OF SAN BERNARDINO RATIFYING THE
EXECUTION OF A NOTE PAYABLE TO THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO BY THE CITY ADMINISTRATOR IN THE PRINCIPLE
AMOUNT OF FOUR HUNDRED ELEVEN' THOUSAND SEVEN HUNDRED SEVENTY-
EIGHT DOLLARS ($411,778.00).
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WHEREAS, the City of San Bernardino and the Redevelopment
Agency of the City of San Bernardino entered into an agreement
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dated September 16, 1977 wherein and whereby it was agreed that
the City would purchase that real property commonly known as the
Elks Property situated at 466 West 4th Street, San Bernardino,
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California from the Redevelopment Agency and;
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WHEREAS, said agreement provided that part of the con.id-
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eration for the purchase of said property would be an unsecured
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note for four hundred eleven thousand seven hundred seventy-
eight dollars ($411,778.00) bearing interest at the rate of 5%
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per annum, and;
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WHEREAS, City and Agency have entered into an escrow with
First American Title Insurance and Trust Company of San Bernar-
dino, California for the purchase and sale of said real property
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and;
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WHEREAS, the City Administrator, Marshall W. Julian, on
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November 1, 1977 executed said note in the aforesaid amount in
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accordance with the terms and provisions of said agreement
executed by the said parties as of September 16, 1977, and;
WHEREAS, said note has been delivered to the said escrow;
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NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
COUNC[L OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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SECTION 1. The action of the City Administrator, Marshall
w. Julian, in executing the note dated November 1, 1977, in the
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:
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amount of four hundred eleven thousand seven hundred seventy-
eight dollars ($411,778.00) bearing interest of 5% per annum
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;
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3 in accordance wi th the terms and provisions of the agreement
4 dated September 17, 1977, between the City of San Bernardino and:
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5 the Redevelopment Agency of the City of San Bernardino is hereby I
6 ratified, confirmed and approved.
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I HEREBY CERTIFY that the foregoing resolution was duly
8 adopted by the Mayor and Common Council of the City of San
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Bernardino at a
'>r/h~
of r"~47d~}
, 1977, by the following
meeting thereof, held on
the
day
11 vote, to wit:
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AYES:
Councilmen ~L'2?/,/.6'Q~ ~ft'M~/.
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AtftJP'/4:J/!/.&nN7 ~~d--; - -.,( / ~/
NAYS:
ABSENT:
5?t'77/
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The foregoing resolution is hereby approved this ~
day of
~~..-,.I/4
, 1977.
San Bernar 3.110
Approved as to form:
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FILED
NOV 1 0 1977
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