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% • E* C. Woodward and Citizens National Trust & Sayings Bank of Los Angeles, said property being conveyed, subject to* (a) Taxes for the fiscal year 1961-1962, a lien not yet payable; (b) Conditions, restrictions, reservations, exceptions, easements and encumbrances of record; be, and the same is hereby, ratified, approved and confirmed. Following Authority for Expenditure Request, approved by the President, was submitted for ratifications A.F.E. No, 1, W,0. #2, issued May 25, 1961, Long Beach, California, acquiring parcel of land containing an area of 8,6079 acres with 600 feet frontage on Cerritos Channel, together with vegetable oil processing plant consisting of storage warehouses, storage tanks, grain elevators, mill buildings, dock and warehouse, office, refinery and other miscellaneous buildings and approximately 2615 ft. of trackage, from Spencer Kellogg and Sons, Inc., for lease to Pacific Vegetable Oil Corpor­ation for term of 25 years, with option to purchase at any time during first 5 year period. Total estimated expendi­ture, #1 ,350,000.00; of which #375»000.00 is chargeable to Land and Public Improvements; #965*000.00 to Warehouses, Packinghouses and Equipment; and $10,000.00 to Track. Whereupon, on motion duly seconded, it was RESOLVED, that the action of President In approving the aforementioned A. F. E. Request; be, and the same is hereby, ratified, approved and confirmed. -5-