HomeMy WebLinkAboutReso. 1980 - 012 - Authorizing the incurring of an indebtedness and execution of a loan agreement to secure deferred payment rehab loan from State of California 111
• • RESOLUTION NO. /10—iy,
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
AUTHORIZING THE INCURRING OF AN INDEBTEDNESS AND THE
EXECUTION OF A LOAN AGREEMENT, PROMISSORY NOTE, AND
OTHER DOCUMENTS TO SECURE A DEFERRED PAYMENT REHABILI-
TATION LOAN FROM THE STATE OF CALIFORNIA
WHEREAS, Pursuant to Sections 50660 - 50668 of the California Health
and Safety Code, the California Department of Housing and Community Development
(hereinafter referred to as the State) , is authorized to make deferred loans for
the rehabilitation of housing in designated areas; and
WHEREAS, the City of Redding (hereinafter referred to as the Local
Agency) , a local public agency organized under the statutes of the State of
California, is enabled and eligible to receive said loans ; and
WHEREAS, it has been determined that this matter is not subject to
the provisions of the California Environmental Quality Act,
NOW, THEREFORE, BE IT RESOLVED that the Local Agency is hereby autho-
rized to incur an indebtedness and to enter into an agreement with the State
to borrow an amount not to exceed $75,000.00 for the purposes of lending
deferred payment loans for housing rehabilitation; and
BE IT FURTHER RESOLVED that the Local Agency is hereby authorized to
give a promissory note and other appropriate instruments to the State to evi-
dence said debt and to secure said note; and
BE IT FURTHER RESOLVED that City Manager William Brickwood is hereby
authorized to execute in the name of the Local Agency said Loan Agreement, note
and other documents required to consummate this transaction.
I HEREBY CERTIFY that the foregoing Resolution was introduced and read
at a regular meeting of the City Council of the City of Redding on the 21st
day of January , 1980, and was duly adopted at said meeting by the following vote:
AYES: COUNCILMEN: Fulton, Gard, Kirkpatrick, Pugh, and Demsher
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: None
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• •
Donald M. Demsher
Mayor of the City of Redding
ATTEST:
1)1(1
Mildred L. Brayton, City Clerk
FORM APPROVED:
'Earl D. Murphy, City At ney,,/-
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