CC Resolution No. 1381-36 _ . . ~ . . . t~LJt~IL:~uI~ i..~ i
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RES~LUTION N0. 1381- 36
A RESOLUTION DIRECTING PAYb1ENT INTO FSCROW
DeANZA ET AL. IMPROVEAQENT DISTRICT N0. 66-1
RFSOLVED, by the City Council of the City of Cupertino,
California, that
WHERF;AS, the City has made and entered into an agreement with ~
the Foothill Junior College District, dated March 8, 1967 , '
1y67, whereby the City is obligated, upon receipt of the proceeds
of sale'~f bonds to represent unpaid assessments levied in pro-
ceedings conducted pursuant to Resolution of Intention No. 1381-3,
adopted January 3, 1967, as modified, to pay into an escrow
established in that certain agreement by and between Jack S.
Euphrat and Edward F. Euphrat, as trustees, and Foothill Junior I
College District, dated April 20, , 19b7, the ar.iount of $512,OOOi
plus any other fees and costs payable by the District under said i
agreement;
WHEREAS, the full proceeds of sale of all of' said 'oonds is
proposed to be available to the City on JuZy 24, 1Goj;
NOW, THEREFORE, IT IS ORDr.Rr.D, that forthwith upon receipt
of the proceeds of tne second sale of the bonds of Series lqo;-1-A
in said assessment proceedings, the City i~lanager, City Treasurer,
City Finance Director and any other City officials concerned, are
~ hereby authorized and directed to deposit said amount of ~512,000 ~
plus any other fees and costs payable by the District, into the
' escrow hereinbe£ore mentioned, said payment to be made without I
further action by this Council, it oein~ the purpose of this ~
resolution to assure that said funds will oe deposited into said '
escrcw in full accordance with the terms oi said Euphrat-District ~
agreement, before the closing date of August 1, 1967 therein I
provided. ~
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PASSID and ADOPTID by the City Council of the City of
Cupertino, State oP California, this Sth day of July ~
~ 1967, by the following vote:
AYFS: Councilmen: Dempster, Johnson, Noel, Stokes,
Fitzgerald
NOES: CoUncilmen: None
ABSENT: Councilmen: None
yor
ATTFST:
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