HomeMy WebLinkAboutCity Council Resolution 1018 RESOLUTION NO. 1Q18
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
AUTHORIZING GUARANTEE OF CERTAIN INDEBTEDNESS
RESOLVED, that the Mayor and City Clerk of the City of
Saratoga, a municipal corporation, be and they are hereby author-
ized and empowered, for and on behalf and in the name of the City
of Saratoga to guarantee, from time to time and on such terms and
conditions as PACIFIC VALLEY BANK (hereinafter called the "Bank")
may require, payment of that certain indebtedness of J. WAYNE
DERNETZ and BARBARA P. DERNETZ to the Bank in the sum of ONE
HUNDRED TEN THOUSAND DOLLARS ($110,000) to be evidenced by a
promissory note executed by J. WAYNE DERNETZ and BARBARA P. DER-
NETZ to the Bank, provided that the liability of this City upon
such indebtedness shall not exceed at any one time the sum of
ONE HUNDRED TEN THOUSAND DOLLARS ($110,000) for principal, together
with all interest upon the indebtedness or upon such part thereof
as shall not exceed the foregoing limitation.
RESOLVED, FURTHER, that said officers be and they are hereby
authorized and empowered, for and on behalf and in the name of
this City (1) to execute and deliver such form of guarantee or
guarantees as the Bank may require; and (2) to perform all acts
and execute and deliver all instruments which the Bank may deem
necessary to carry out the purpose of this resolution.
RESOLVED, FURTHER, that this resolution will continue in
full force and effect until ~__he~ ~ , 1981,
at which time it shall terminate except that this resolution may
be revoked prior to said date at such time as the Bank shall
receive official notice in writing from the City of such revoca-
tion by a resolution of the City Council duly certified by the
City Clerk.
I, GraceE. Oory, Acting City Clerk of the City of Saratoga,
a municipal corporation duly organized and existing under the
law of the State of California, do hereby certify that the
foregoing is a full, true, and correct copy of a resolution of
the City Council of said City, duly and regularly passed and
adopted at a meeting of the City Council of said City which
was duly and regularly called and held on the 3rd day of
June , 1981, at which meeting a quorum of the City
Council of said City was at all times present and acting.
I further certify that said resolution is still in full
force and effect and has not been amended or revoked, and that
the specimen signatures appearing below are the signatures of
the officers and officials authorized to sign for this City by
virtue of said resolution.
IN WITNESS WHEREOF, I have hereunto set my hand as such
City Clerk, and affixed the seal of said municipal corporation
this 4th day of June , 1981
Grace E.
Acting City
City of Saratoga
AYES: O3unci~s Clevenger, Jensen, ~allory, Watson, Mayor Callon
AUTHORIZED SIGNATURES:
Callln, Mayor GraCe E. Cory, Clerk
City of Saratoga City of Saratoga
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