Bolinas Community Public Utility District
Resolution No. 481
Accepts Final Principal Payment for Agreement No. 90-1-56100, Down Payment
Loan Agreement and Authorizes Re-Conveyance of Deeds of Trust
WHEREAS the Board of Directors of the Bolinas Community Public Utility District
determined it within its legal authority to loan its employee Philip Buchanan
$30,000 in October, 1990, as partial down payment on a residence in Bolinas;
and
WHEREAS said loan helped to insure a level of stability for its administrative
employee, and continuity for its own operations; and
WHEREAS total proceeds from the District’s original investment will have
equaled or exceeded the rate of return realized by the District on its total
investments during the period of the loan, returning in excess of 7.7% annual
percentage rate; now, therefore,
BE IT RESOLVED by the Board of Directors of the Bolinas Community Public
Utility District as follows:
1. To hereby amend Section 3 (A, B and C) of Agreement No 90-1-56100,
changing all date occurrences therein to “January
31, 2003”, and to amend the
promissory note references in the agreement to Exhibit
A4 (“the second note”)and Exhibit B3 (“the third note”).
2. To accept a check in the amount of $17,596.10 as payment in full of the
amount due on the two promissory notes referred to in Section 1 of this resolution
3. To authorize the President of the Board of Directors, subject to
receipt of the check described in Section 1 of this resolution, to sign the
Deeds of Trust securing performance of the borrower in connection with Agreement
No. 90-1-56100, thereby attesting that all indebtedness secured by the Deeds
of Trust have been fully paid, and requesting Pacific Coast Title Company
of Marin, or its successor, to reconvey, without warranty, the estate
now held by Bolinas Community Public Utility District under the same.
PASSED AND ADOPTED by the Board of Directors of the Bolinas Community
Public Utility District this 20th day of November, 2002, by the following
vote:
AYES: Amoroso, Bertsch, Kayfetz, McClellan, Siedman
NOES: None
ABSTAIN: None
ABSENT: None