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1984-0807_BANK OF AMERICA_I1a_Item Minutesi BIDS, CONTRACTS, AGREEMENTS 1. I(38) (85) Written Communications: Report dated August 7, 1984, from the Director of Public Works, forwarding an agreement with the Bank of America to partially fund the assessment payments within Tract 11765 for the Ortega Properties Assessment District (AD 78-3). The purpose of the agreement is to establish an escrow whereby the assessments for the properties in Tract 11765 are reduced to $200 per year. Approval of Agreement: It was movedyb Councilman Buchheim, seconded by Councilman Friess, and unanimously carried to approve the letter agreement with Bank of America dated July 26, 1984, "holding Escrow #1020-5485; Fredricks Development Corporation, Assessment District No. 78-3 (Ortega Properties)." The J Mayor and City Clerk were authorized to execute the agreement on behalf of the City.