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:412 Winston Tom, newly elected President, Redwood Shores Homeowners Association, spoke of the Association'S position on the proposed bond issue, that they believe it is necessary, but disagree with the approach regarding issuance and repayment. He referred to the form letter signed by a number of Redwood Shores residents �alling for the following: 1. Sell addXtional bonds o.n1Y aEter a voted appXOVal by a � majori.ty of pzoperty owncrs. � 2. T,imit bond debt service payments by property owners to a maximum of 1� of the loweX o� Fair Market Value or Full Cash Value. 3. Require the developex to indemnify the District for any bond debt service payments in excess of item 2. (Note: as of 1/29/79, the Board was advised that 233 signed form letters had be�n received.) Discussi4n continued relating to contradictions in the position of the Association as indicated in the mass mailing form letter calling for a vote by property owners while at the same time it was noted by the Baard there had been pxessure from the 5�ne association calling for bond sales and demand�.ng quick action. MOTION: pirector Biagi moved, secqnded by Director Bury, tq acknowledge and accept Letter of Coznmitment dated January 29, 1979 from Mobil Cor- poration. The motion aarri�d by majority voice vote. Director Norris stated for the record that, he voted "NO" because, regarding the terms under � whieh issuance and repayment of the boneis should be made, he believes that the bond debt service payments by property owners should be ,�i limited to a maximum of l� Qf the l,ower pf Fair Market Value or Full Cash Value, and th�t the developeX should be required to indem- nify t�e Distric�. for any band d�bt sezvice payments in excess of the 1� of �he ],awer of Fair Market Value or Full Cash Value. (MINUTE ORDER NO. 79-21) MOTION: Titles having been re�d, Airector Chandler introduced the following resolutions and moved, seconded by Director Leipzig, their adoption: RE�OT�UTTON N0, 8219 APPROVING AND 1�1UTHORIZING EXECUTION OF AGR�EMENT WITH MOF3II, QIL ESTATES (BATR ISLAND INVESTMENTS) Z,IMITED RELATING TO PRQVISI�N �'OR PAYMENT OF CERTAIN TAXES (GTD 1-64) RESOLUTION NO. 8220 APPROVING AND AUTHORI2ING EXECUTION QF AGREEMENT WITH MO$IL OZL ESTATES (ItEDWOOD) LIMITED RELATING TO CONSTRUCTION OF CERTAIN TMPROVEMENTS AND PROVISION FOR PAYMENT OF CERTAIN TAXES (GIA 1-64) The resolutions were adopted by majority �oll call vote, Director Norris voting no. � MOT20N: Title having been read, Director Norris intraduced the following resolution and moved, seconded by Director Biagi, its adoption: ""'� RESOLUTION NO. 8221 APPRQVING ,AND AUTHORIZING EXECUTION OF AGREEMENT FOR PERFORMANCE OF BOND COUNSEL SERVICES (GID 1-64) �'he resolution was adopted unanimously by roll call vote. (The B o ard recessed from 9:25 to 9:3� p.m.) GID 1-6� Bd./Dir. ,. 1/29/79 i PacrP "�