HomeMy WebLinkAboutResolution No. 6108 RESOLUTION NO. 6108
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
DOWNEY AUTHORIZING THE ISSUANCE OF THE NOTE
AND THE EXECUTION OF A CONTRACT WITH THE U.S.
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT,
FOR $1.4 MILLION IN LOAN GUARANTEE FUNDS,
PURSUANT TO SECTION 108 OF TITLE I OF THE
.. , HOUSING AND COMMUNITY DEVELOPMENT ACT OF
1974, AS AMENDED
WHEREAS, The City of Downey, (hereinafter referred to as "CITY") wishes to
borrow $1.4 million in loan guarantees with the Department of Housing and Urban
Development through the Section 108 Loan Program;
WHEREAS, the City intends to use funds obtained from the loan for the renovation
of the Community/Senior facility at 12458 Rives, Downey, CA;
NOW, THEREFORE, the City Council of the City of Downey does hereby resolve
as follows:
SECTION 1. That the City authorizes the issuance of the Note with a principal
obligation of$1.4 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,
42 U.S.C. subsection 5308, 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.
APPROVED AND ADOPTED this 14th day of October ,1997
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Barbara J. Rey, May
ATTEST:
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dith E. McDonnell, City Clerk
RESOLUTION NO. 6108
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 14th day October , 1997, by
the following vote, to wit:
AYES: 5 Council Members: McCarthy, McCaughan, Lawrence, Brazel ton, Riley
NOES: 0 Council Members: None
ABSENT: 0 Council Members: None
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� Clerk, JUDI H JAI
E. ,iC DONNELL
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