HomeMy WebLinkAboutReso 2013-037 - Affordable Housing Activities
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RESOLUTION NO. 2013-037
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
REDDING AUTHORIZING THE CITY TREASURER TO OPEN A
PUBLIC FUNDS, MONEY MARKET ACCOUNT WITH FIVE
STAR BANK FOR THE PURPOSE OF ENCOURAGING THE
EXPANSION OF AFFORDABLE HOUSING ACTIVITIES IN
REDDING
WHEREAS, the City Council, at its meeting on February 5, 2013, elected to
allow for the expiration of the Master Participation Agreement governing the Redding
Affordable Housing Loan Funds (RAHLF) and the Memorandum of Understanding with
Shasta Regional Community Foundation; and
WHEREAS, the City Council directed staff to request the return of the City's
portion of the RAHLF, approximately $1 million, for use in the development of
affordable housing; and
WHEREAS, it is desired that these funds be placed in a fully collateralized
account in accordance with Government Code Section 56300, with high liquidity, and
maximize investment earnings for the purpose of encouraging affordable housing
opportunities as they become available.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDDING
DOES HEREBY RESOLVE THAT:
1. The foregoing recitals are true and correct.
2. The City Treasurer is authorized to open a Public Funds, Money Market
Account with Five Star Bank for the purpose of encouraging affordable housing efforts in
the City of Redding.
I HEREBY CERTIFY that the foregoing resolution was introduced, read and
adopted at a regular meeting ofthe City Council of the City of Redding on the 16th day of
April, 2013, by the following vote: .
AYES:
NOES:
ABSENT:
ABSTAIN:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
Cadd, Jones, McArthur, Sullivan, & Bosetti
None
None
None
ATTEST: '
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FORM APPROVAL:
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RICK BOSETTI, Mayor