Res 1997-016 - Laserfiche WebLink

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. . bflA() - . -- - (3) That said manae;ine partner is expressly authorized on behalf of said partnership to convey all fifteen shares of stock of Elim Water Company, Inc. and any and all other interest held by the Partnership in said corporation to the City of San Marcos or such not for profit entity or entities as may be designated by the City for a total purchase price Sixty-three Thousand Seven Hundred Fifty Dollars ($63,750.00); and (4) That said managine partners are authorized and directed to execute any and all documents including, without limitation, the Power of Attorney attached hereto and incorporated herein by reference, naming Ruth Ann Hach as the Partnership's attomey-in-fuct as such managing partner may determine to be necessary or convenient to the conveyance of said Elim stock owned by the partnership to the City of San Marcos or its not-for-profit designee(s), same to be binding upon the Partnership and each of its partners as if all partners had executed same; and (5) Tha~.. prior to the date of closing of the stock conveyance hereby authorized, the Partnership will neither purchase additional shares or debentures of Elim nor sell its existing shares in Eli.m; and (6) That the Partnership acknowledges that the aforesaid attorney in fact may convey her own interests in said Elim at a price per share of $8,500.00 without compromise to P~ership's interests. . (7) That when said purchase price has been paid to the Partnership, the managing partner shall cause the proceeds of such sale to be distributed to the Partnership and reflected on the books and records of the Partnership; (8) That, subject to the Partnership's receipt of the proceeds of the hereinabove authorized conveyance of stock and other interests in Elim o\vned by the Partnership, any and all acts done by prior and/or present officers and directors ofElim on behalf ofElim are ratified. Date: ')~""-"""'7""'7 /3, /397 / APPROVED 6:~£ ~ . g Partner Southridge Estates Homeowners AssocIation Water General Partnership 2