HomeMy WebLinkAboutCity Council Resolution 2246 RESOLUTION NO. 2246'
RESOLUTION OF THE CITY OF SARATOGA AUTHOEIZING
THE CITY MANAGER TO SELL CERTAIN STOCK AND TO
ESTABLISH A BROKERAGE ACCOUNT AT PACIFIC VALLEY
BANK
WHEREAS, the City of Saratoga is the holder of 255 shares of the common
stock of Pacific Gas and Electric Company, such stock having been pledged to the City
as security for the performance of the developer's obligations under that certain
Deferred Improvement Agreement between the City of Saratoga and Cathyrn Pronger,
relating to SDR 1029; and
WHEREAS, the developer has failed to install the improvements required
under said Agreement and, pursuant to the terms thereof, the City is therefore
entitled to sell said stock and apply the proceeds of sale toward the cost of the
deferred improvements; and
WHEREAS, it is necessary for the City of Saratoga to establish a brokerage
account for the purpose of selling the Pacifie Gas and Electric Company stock now
held by City,
NOW, THEREFORE, the City Council of the City of Saratoga does hereby
resolve as follows:
1. That the City Manager be and he hereby is authorized and directed to
sell the 255 shares of Pacific Gas and Electric Company common stock now held by
the City, as evidenced by Certificate Nos. SF 38426, SC 32532 and SC 32533.
2. That the City Manager be and he hereby is authorized and directed to
establish a brokerage account with Pacific Valley Bank Discount Brokerage for the
purpose of an immediate sale of the stock in Pacific Gas and Electric Company
referred to above, following which said account shall be closed.
3. Proceeds of the sale are to be applied toward the cost of the
deferred improvements.
Passed and adopted at a regular meeting of the City Council of the City of
Saratoga held on the 19th day of June, 1985, by the following vote:
AYES: Councilmelt~rs Callon, Clevenger, Moyles and Mayor Fanelli
NOES: None
ABSENT: Councilmember Hlava
CITY CLERK