0139RESOLUTION NO. 139
A RESOLUTION -OF THE -.CITY COUNCIL OF THE.CITY
OF ROLLING HILLS,-CALIFORNIA,.AUTHORIZING THE
EXPENDITURE OF FUNDS FOR.THE•PURCHASE OF
CERTAIN REALPROPERTY- LOCATED IN, THE .CITY
OF ROLLING HILLS, CALIFORNIA
WHEREAS, the City of Rolling Hills on February 26,
1962 entered into and executed a Letter Agreement dated
January 15, 1962 with Palos -Verdes Properties, a partner-
ship, said Agreement having also been approved and accepted.
by the Rolling Hills Community Association of Rancho Palos
Verdes, a non-profit California corporation;.;and
WHEREAS, said Letter Agreement-provided.for the
sale of a certain parcel of -real property located in the
City of Rolling Hills at,the Southwest corner of Palos-
Verdes-Drive
alos_Verdes Drive North and. -Portuguese Bend Road containing
approximately .86 acres net more or less, said property.
being commonly known by street and number as -No. 1 Portu-
guese Bend Road, Rolling Hills, California, with certain,
improvements located thereon for the sum of $27,500..00 and the
cost incurred in connection with said purchase and sale as
set forth in said .Letter. Agreement; . and .
WHEREAS, the terms of said Letter Agreement are to
be performed..by the parties thereto on or before March 15,
1962, unless the same is extended by agreement of the parties;
and
WHEREAS, the City of Rolling Hills now desires
to make available for the purchase of said real property
the funds necessary to complete said transaction; .
NOW,.THEREFORE, BE IT RESOLVED that the Mayor,
City Clerk and City Treasurer of_.the City.of Rolling Hills
are empowered and authorized to. expend from the funds of
the City of Rolling Hills the.sum of $27.,500.00 for the
purchase of the real property .described herein,.and_an
additional sum of not more than $500.00 for incidental ex-
penses in connection with said sale, all in accordance with
the terms and provisions of said Letter Agreement.
PASSED, APPROVED..AND ADOPTED this 17th day of
March:;,- 19:62"-,2 . . ,
ayor of t of
ATTEST:
amity Clerk
Rolling Hills
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