HomeMy WebLinkAboutReso. 1980 - 097 - Authorizing the City Manager to execute a second operating agreement with Security Pacific National Bank r 1
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• • RESOLUTION NO. qJ .
• •A RESOLUTION OF -TI-I CITY_.COUNCIL OF THE CITY OF REDDING
AUTHORIZING' THE 4CI,TY`'MANAGER TO' EXECUTE A SECOND
OPERATING 'AGREEMENT- WITH SECURITY` PACIFIC ;NATIONAL BANK. •
UNDER THE REVISED. COMMUNhTY DEVELOPMENT BLOCK GRANT
HOUSING. REHABIL'ITATION PROGRAM.
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WHEREAS, :the;,City .of� Redding, presently has an Operating
Agreement with Security Pacific National Bank covering a Community
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Development loan program, and •
WHEREAS., Security Pacific National Bank has now developed •
a second loan program under the Revised Community Development Block
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' Grant Housing Rehabilitation Program, making .available another type
of loan for residential rehabilitation at below market interest • ,
rates for :low and moderate income persons and at FHA Title I
interest rates for persons above moderate income level on a city-
wide basis, and
WHEREAS, Security Pacific National Bank has submitted for
approval and execution an Operating Agreement covering the terms •
and conditions under which the Bank will make such loans under the
Revised CDBG Housing Rehabilitation Program, and
WHEREAS, staff has recommended the approval of such
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Operating Agreement, 'and 'it is deemed to be in the best interests
of the City and its citizens to approve same,
NOW, THEREFORE, BE IT RESOLVED that the City Council of
• the City of Redding hereby approves this second Operating Agree-
ment with Security Pacific National Bank, dated May 5, 1980, under
the Revised Community DevelOpment Block Grant Housing Rehabilita-
- tion Program, and authorizes the execution of said Agreement by
City Manager W. Brickwood.
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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 5th s day of May , 1980 , and was duly
adopted at said meeting by. the following vote:
AYES: COUNCILMEN: Fulton, Gard, and Pugh
NOES: COUNCILMEN:: None
ABSENT: COUNCILMEN: Demsher and Kirkpatrick
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AT- EST: � '
44 47--;;"; E R P �7'rr
May of t. City' of Redding
MI DRED L. BRAYTON,4ity Clerk
FORM APPROVED: '
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RA DALL A. AYS, City Attorney
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