HomeMy WebLinkAboutResolution No. 6774 RESOLUTION NO. 6774
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY
APPROVING A $2.5 MILLION LOAN FROM THE U.S. DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT, PURSUANT TO SECTION 108 OF
THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1974, AS
AMENDED, AND AUTHORIZING THE MAYOR TO EXECUTE THE
PROMISSORY NOTE AND THE CONTRACT FOR LOAN GUARANTEE
ASSISTANCE (FOR DEVELOPMENT OF A PARK AT FORMER NASA SITE).
WHEREAS, The City of Downey, (hereinafter referred to as "CITY ") has applied to
borrow $2.5 million in loan guarantees from the U.S. Department of Housing and Urban
Development through the Section 108 Loan Guarantee Program;
WHEREAS, the City intends to use funds obtained from the loan for the development of
a new park, to be located on the former NASA property along Clark Avenue in Downey, CA;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That the City authorizes the execution of the Promissory Note with a
principal obligation of $2.5 million, and the execution of a Contract For Loan Guarantee
Assistance under Section 108 of the Housing and Community Development Act of 1974, as
amended, and direct the City Manager as the official representative in connection with the loan
to provide additional information, understandings and assurances as may be required.
SECTION 2. The City Council authorizes the Mayor to execute the Contract and Note
or Notes and such documents as may be required in order to complete the loan.
SECTION 3. The City Clerk shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED this 8th day of June, 2004.
O. t
KIRK O. CARTOZIAN, klayor
ATTEST:
/r, ;
KATHLEEN L. MIDSTOKKE, City Clerk
RESOLUTION NO. 6774
PAGE TWO __.
I HEREBY CERTIFY that the foregoing Resolution was adopted by the City Council of
the City of Downey at a regular meeting held on the 8 day of June, 2004, by the following
votes, to wit:
AYES: 5 Council Members: Bayer, McCarthy, Perkins, Trejo, Mayor Cartozian
NOES: 0 Council Member: None
ABSENT: 0 Council Member: None
ABSTAIN: 0 Council Member: None
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KATHLEEN L. MIDSTOKKE, City Clerk