HomeMy WebLinkAboutRESO 5909ORIGINAL
RESOLUTION NO. 5909 -----
RESOLUTION OF THE COUNCIL OF THE CITY OF PALO ALTO
AUTHORIZING THE EXECUTION OF THE STANDARD AGREEMENT
AND CTHER DOCUMENTS TO SECURE DEFERRED PAYMENT LOAN
FROM TRE STATE OF CALIFORNIA
WHEREAS, pursuant to Sections 50660-50670 of the California
Health and Safety Code, the California Department of Housing and
Community Development (hereinafter referred to as the "State•) is
authorized to provide funds for the rehabilitation of housing in
designated areas~ and
WHEREAS, the City of Palo Alto, a local public agency orga-
nized as a Charter City pursuant to the Constitution of the State
of C£1ifornia, is enabled and eligible to receive said loanst
WHEREAS, the Council has previously authorized the City to
enter into an agreement with the State of California for receipt
of $50,000 in deferred payment loan funds, and on March 4, 1981,
the City and the State entered into said contract; and
WHEREAS, the City has now received a proposal from the State
of California for receipt of an additional $20,000 for the
Housing Improvement Program;
NOW, THEREFORE, the Council of the City of Palo Alto does
RESOLVE as follows:
SECTION 1. The City of Palo Al to is hereby authorized to
enter-rnto an agreement with the State to borrow an amount not to
exceed a total of Twenty Thousand Dollars ($20,000) for purposes
of lending deferred payment loans for housing rehabilitation.
SECTION 2. The City of Palo Alto .: ... h".!zeby authorized to
gi,1e apµropriate instruments to the State as evidence of said
debt and that the City Manager or his designee is hereby autho-
rized to execute, in the name of the City of Palo Alto, said
standard agreement and other documents required to complete this
transaction.
SECTION 3. Jim Krokee, Manager of the Palo Al to Housing
Improvement--rr-ogram, is hereby authorized to execute all docu-
ments required to make and record each individual loan under this
program to program participants.
SECTION 4. The Council finds that this is not a project
under the California Environmental Quality Act anc, therefore, no
environmental impact assessment is necessary.
INTRODUCED AND PASSED: May 11 , 1981
AYES: Bechtel, Eyerly, Fazzino~ Fletcher, Henderson, Klein~ Le~y, Renzel, Witherspoon
NOES: None
ABSENT; None
ABSTE:NTIONS: None
APPROVED:
cittt3tney
• •
APPROVED:
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