HomeMy WebLinkAboutReso. 1979 - 242 - Authorizing the City Manager to execute an operating agreement with Security Pacific National Bank . • •
RESOLUTION NO. 77_ 2.- 1-7
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING AUTHORIZING THE
CITY MANAGER TO EXECUTE AN OPERATING AGREEMENT WITH SECURITY PACIFIC
NATIONAL BANK
WHEREAS, Security Pacific National Bank has developed a loan program which,
in conjunction with the City of Redding's community development program, will
assist in preserving the quality and enhancing the stability of residential
neighborhoods in the city, by providing loans for rehabilitating residential
properties 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, the Locality and the Bank desire to mutually agree upon the methods
and procedures under which Bank will originate loans according to California
Housing Finance Agency's (C.H.F.A. ) requirements for rehabilitaion and improvement
purposes in the context of the California Housing Finance Agency's (C.H.F.A. )
Neighborhood Preservation Areas FHA Title I Home Improvement Loan Program, which
loans are subsequently purchased by C.H.F.A. ; and
WHEREAS, Security Pacific National Bank has submitted for approval and exe-
cution an Operating 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 Operating 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 pro-
visions of CEQA,
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Redding
approves the Operating Agreement with Security Pacific National Bank, dated
December 3, 1979, and authorizes the execution of said Agreement by City Manager
William Brickwood.
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 3rd day of
December , 1979, and was duly adopted at said meeting by the following vote: .
AYES: COUNCILMEN: Gard, Kirkpatrick, Pugh, and Fulton~'
NOES: . COUNCILMEN: None
ABSENT: COUNCILMEN: Demsher
v , F
ATTEST: LEE D. FULTON, M.D.
., Vice:-Mayor of the City of Redding .
/ ^,7IF
MILDRED .L. `•BRAYTON;City-Clerk
FORM APPROVED: `` /
EARL 'D.` MURPHY, Cityttorn
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