HomeMy WebLinkAboutReso 151-1986 RESOLUTION NO. 151-86
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING A TRANSFER OF FUNDS TO THE
SURPLUS PROPERTY COMMISSION FOR COMPLETION OF THE
PURCHASE OF THE OYSTER POINT PROPERTY FROM THE
GENERAL SERVICES ADMINISTRATION
WHEREAS, the Surplus Property Commission of the City of South San Francisco
has requested a loan of seven hundred sixty-four thousand one hundred fifty-one
dollars and fifty-eight cents ($764,151.58) in order for the Surplus Property
Authority to complete the purchase of the Oyster Point Property; and
WHEREAS, The City Council recognizes the substantial monetary benefit which
will result by eliminating the interest rate of thirteen and one-eighth percent
(13-1/8%) per annum on the remaining purchase price;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco that the City Council hereby agrees to transfer seven hundred sixty-
four thousand one hundred fifty-one dollars and fifty-eight cents ($764,151.58)
to the Surplus Property Commission in order for the Surplus Property Authority
to complete the purchase of the Oyster Point Property, on the condition that
the amount so transferred be repaid with interest at the average annual rate
earned by the City Treasurer on City investments, or six percent (6%), which-
ever is higher within ten (10) years or at the time the property is sold to a
third party, whichever occurs first.
BE IT FURTHER RESOLVED that the City Council authorizes the City Treasurer
and the City Manager to take all actions necessary to complete said transfer of
funds and purchase.
I hereby certify that the foregoing Resolution was regularly introduced and
adopted by the City Council of the City of South San Francisco at a regular
meeting held on the lOth day of September , 1986 by the following vote:
AYES: Councilmembers Mark N. Addiego, John "Jack" Drago, Richard A. Haffey,
Gus Nicolopulos, and Roberta Cerri Teglia
NOES: None
ABSENT: None
~ATTEST: tt~y Cler~ ~ ~
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