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WA
RESOLUTION NO. 6996
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH AUTHORIZING THE EXECUTION
OF A PROMISSORY NOTE PAYABLE TO THE IRVINE
COMPANY ON BEHALF OF THE CITY RELATING TO THE
CIVIC CENTER PROPERTY IN THE NEWPORT CENTER
WHEREAS, the City Council has determined that it would
be in the best interests of the City to purchase a parcel of
property from The Irvine Company in the Newport Center for use as
a Civic Center site; and
WHEREAS, there has been presented to the City Council a
promissory note in the amount of $1,834,500.00, payable four years
after date, with interest from date at the rate of 4% per annum
until paid, payable monthly; and
WHEREAS, the City Council wishes to authorize execution
of said note on behalf of the City;
NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Newport Beach that the Mayor and City Clerk are hereby
authorized to execute the above described promissory note on b
of the City of Newport Beach.
ADOPTED THIS z- �day of , 1969.
ATTEST:
Camay er .
TTIFIED AS THEgRIGINA'.L
l
SIT! CLERK OF THE CITY 012
EWPORT BEACH
N"L
THSzmh
5/23/69