HomeMy WebLinkAboutReso. 1979-115 Approving Amendments to the Rehabilitation Loan Policy Adopted by City Council Resolution No. 75-86 - " - � �
RESOLUTION NO. '`���//� ,
A RESOLUTIOV OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING Ai•lE`DMENTS TO THE REtiABILZTATION LOAN POLICY
ADOPTED BY CITY COUNCIL RESOLUTIOV N0. 75-86
WHEREAS, the City of Redding has adopted a rehabilitation
loan policy by City Council Resolution No. 75-86 , and amended
it by Resolutions No. 76-36 , No. 77-135, No. 77-189 , No. 78-223,
No. 78-235 , ido. 78-2�0 , No. 79-46 , No . 79-106 , and
ATHERE?�S, the City Council deems it to be in the best interest
of the citizens of the City of Redding that the rehabilitation loan
policy be further amended as set forth in E>;hibit "A" attached
hereto; and
WHEREAS , it has been determined that this matter is categoric-
ally exempt from the provisions of CEQA,
NOW, THEREFORE BE IT FESOLVED that the amendments to the
rehabilitation loan policy attzched hereto as Exhibit "A" are
hereby approved and adopted.
I HEi2EBY CERTIFY that the foregoing resolution was introduced
and; read at a regular meeting of the City Council of the City of ii
Redding on the 16th day of July , 1979 , and was duly
adopted at said meeting by the following vote :
AYES : CowC ILMEVc Gard, Kirkpatrick, Pugh, and Fulton
NOES : COUNCII��SEId : NOne ' �
1ass�NT: CoorrCZLtsErr : �emsher Amended by Resolution No. R-79-243
ATTEST: .
l / , C,ghf��� � � �
,�e.��_: .U� /.-_�.
MZLnaED L. aa�YTorz; c-zT,Y cLr:�n LEE D. FULTON, M.D. � �
CITY OF REDDING `� �ice-Mayor of the City of Redding U
FO�� 11PPROVED : Q
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C� �L, _
EAl2L D. r1U P I�Y, TY 7�TTOR�EY
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EXHIBIT "A"
AMENUi•1ENT N0. 9 TO CITY OF REDDIi�G REHABILITATION LOAN POLCIY
Section 4 - Description of Loan Programs
Under A. Amortized Loans , No. 6, Terms and Conditions , Section d. shall be:
d. �ea�-�ayme�rt-s-s�a-1-1-i�c�uciran�mount�-o--c�ea#e-�--i^eser�e-fer-tlie
pa�men�of-t��e�rnwa-1-pro�ef'tY-t�-m,�--ri-r�i�s�r�nee�ncJ--Pro-rat�
c-e>�-1 ec t-i or�s--w-"r}-1-bz-raiade-eaeh-�i3v+�t�--rri�+�ti�e-�eg�-l�pay+ner+t�f�e
+�ese�ve-t�eq�i-rerient-ma;,-be�a-i-veci-on-a-seeond-t-rt+s-i-deed-or-seeor,d
mort-gac�rp�ov id-i-ne-tMe-f�-rs-t-�-i�n-ho-1�e�-ma-f n�xi ns-a-reserve-a�d
�revidi�g-�hat the-C-rt��-oF�t-a-ins-anntea-l-verii-f-iea�ti�on-ef-pa-ici-�ax�s-
_�II.,�-2�;�ti-ve--f-tre--i-nstrrafte�.
"The borro�•�er shall maintain current payments on property taxes
and fire insurance. The minimum amount of fire insurance must
cover all trust deeds on the property. The City shall obtain
annual verification of paid taxes and effective fire insurance. "
Under B. Partial Deferred Payment Loans , No. 5, Terms and Conditions , , '
Section d. shall be:
a. �-he-barrarrer-o-€�--Pa��i-�l--E3ef�t�+�--Paymerrt-Eoa+r--s+ra-i-7-ma�<e-motti:-tr7-�,�
�aymen��s-t-o-the-�i-ty-t-0--c-t�eat�-a-res e+�vve-f�:�-the-}3a�men#-af-arrm;�l-
pre�er#:y--t-�-xts-��,v-�i re-i-r�era r�ee--and�r�-ra-t�c�l-1 ecz i or+s-�:ri-1-1--t�e
r,t3d2-ea cfrtnOtr�{�—T;�-���-2qti-i�ertietj-t��r'-�a,vnterrt��t�xes-
a�i-rtstrre �-�„�-s��:�',v--��„-t-ras-t�r'�ec�nd
mortgege-�roa-td#nc�-the-f-i-ws-t-;-#en-{�o-k#er-rn�i�rt a i�s�rese rve--a��
prov-idi�y-tl3a` `�-r,a�-a-ir�s-a�rrwaa--ver�it-a-t���-o-f�ai-d--t-a-xes-
anc�e,`-€ec-�i+�e-,`-;T-e-;�n s u�artee-
"The borro���er shall maintain current payments on oroperty taxes
and fire insurance. The minimum amount of fire insurance must
cover all trust deeds on the property. The City shall obtain
annual verification of paid taxes and effective fire insurance. "
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Under C. Deferred Payment Loans for Elderly and/or Disa6led , tdo. 3 Terms and �i
:,
«.
Conditions , Section c. shall be:
c. �he--bo+�rca+er-o-#-a-De€enrec�P��men-t-L-oar�-tor�-��+e-E-lder�y-andfo� z.
�i-sab-led-s-ira-�l-nia'r.e-��nor.th��-Pa�/mer�ts.,-��-ti�e-C-i-ty-tio--c-rea-te-a ,
�;.
t�ese��f�t-fje-pa;�me;rt--of-a nmra�pr�per t;�-t�-x es-a�d-�i•re �;
-i nsuraiice--a-r+d-pro-rat-a--eoli ec-�itlrts-wi-1-1--b�made--eaeh-t�orrt�- «.
�he-r�sserve-i�equ-i-remen-t-f-o�-n��Rment o€-taxes-at�d-in4u7�artc-e-may�
be-wai ve�--Qn-a-s�eond-�ed-of-;,�v: 3ec-0n��nortga�e-prov-i�l-i n9- �;
�he-�'�rs-t-�-i-en-ha}de r-t�a-i rrt�i i�s-a-reserve-and-p+�ov i d-i�crt-ha�the
&i-t�-ob-t-�i+ts-aritrt�a�--ver�i�i c-a t i on--of--Pa-id--taxes�nd-ef-feet i v�f i-re �
-ir�rane-e. ",
;
-I�+-cases-o-�-ex�z;,��u�c#s-h-ip--a�-t-#�e--di-s�-��et-i�-ofi---�he-C-�-t� `
�hese�no�-Eh-l�--�a/metrt�-+�aq-b�rh3-i+red--ar�t#-thas�-e�ct,et�ses 1-i5-t�d �;
a�eae--`.s1�-l�-be--a�varteed-b�r-tftt C�-ty--artd�dded-��-t-hr}aan--btrl-a�tee
ier�--eOaa�e-t-i-oFt-at-t-1'r��i me-Qf--�Qpert-y-trans-f-et'. `
"The borrower shall maintain current payments on property taxes ,
and fire insurance. The minimum amount of fire insurance must . �
cover all trust deeds on the property. The City shall obtain ;
ann�al verificatiori of paid tar.es and effective fire insurance.
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EXNI[3IT "A" -
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