HomeMy WebLinkAboutReso. 1979-093 Approving Special Lending Area Loan Agreement with Bank of America and Authorizing its Executoin by the City Manager .. � � � .
RESOLUTION NO. % - l �
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING SPECIAL LENDING AREA LOAN AGREEMENT WITH BANK
OF AMERICA AND AUTHORIZING ITS EXECUTION BY THE CITY
t+lANAGER.
LVHEREAS, the Bank of America has developed a loan
program which, in conjunction with the City of Redding ' s community
development program, will assist in preservinq the quality and
enhancing the stability of established older residential neighbor-
hoods in the City, by providing loans at the bank ' s best posted
interest rate for buying and rehabilitating or refinancing and
rehabilitating residential properties in such neighborhoods , and
WHEREAS , the Bank of America has submitted for approval
and execution a Special Lending Area Loan Agreement, covering the
terms and conditions under which the Bank will make such loans in
connection with the City ' s community development program, and
WHEREAS, staff has recommended the approval of such
Special Lending Area Loan Agreement, and it is deemed to be in
the best interests of the City and its citizens to approve same, and
WHEREAS, it has been determined that this matter is not
subject to the provisions of CEQA,
NOW, THEREFORE, BE IT RESOLVED that the City Council
of the City of Redding approves the Special Lending Area Loan
Agreement with Bank of America, dated June 4 , 1979 , and authorizes
the execution of said Agreement by City Manager William Brickwood.
I HEREBY CERTIFY that the foregoing Resolution was
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introduced and read at a regular meeting of the City Council of ��
the City of Redding on the 4th day of June , 1979 , and caas `
duly adopted at said meeting by the following vote : �'
�.`
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AYES : COUNCILD4EN: FU1tOft, Gard, Kirkpatrick, Pugh, and Demsher
NOES : COUNCILMEN : None
ABSENT : COUNCIL[QEN: NOf1e
AT ST: `�Q _��---� .
� � / 7�� �, ,� , DONALD M. DEMSHER
��t.��( : i�J � �1�i�'r.iG�r Mayor of the City of Redding
MILDRED L. BRAYTON, C�y Clerk
i
FORH�PPROVED: �
%� � ��/u.�-�
EA D MURPHY,� City; ' t - -ney
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