HomeMy WebLinkAboutResolution No. 18-7835-Authorizing CM to Submit Dept of Housing and Urban Development an Amendment to Existing $3.0 Million 108 Loan Agmt• • •
RESOLUTIONOF • OF THE CITY OF DOWNE
AUTHORIZING• SUBMIT TO THE DEPARTMENT •
HOUSINGr URBAN DEVELOPMENT AN AMENDMENTTO AN EXISTINJ
1 MILLION 108i • SECTION 108
HOUSINGTHE r COMMUNITY DEVELOPMENT OF
WHEREAS, The City of Downey ("CITY") wishes to amend an existing $3.0 million loan
from the Department of Housing and Urban Development through the Section 108 Loan
Guarantee Program;
WHEREAS, the City intends to use funds obtained from the Section 108 Loan
Guarantee Program towards the activity involving the construction of the Rancho Los Amigos
South Campus Sports Fields.
RESOLVENOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY • •
SECTION 1. That the City authorizes the City Manager to submit the Amendment, and
direct the City Manager, as the official representative in connection with the original application
and amendment, to provide additional information, all understandings and assurances, as may
be required.
SECTION 2. The City authorizes the City Manager to execute the Amendment and
submit such documents as may be required in order to implement the Amendment.
SECTION 3. The City Clerk shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED this 14th day of gust, 2018.
A.0-2,40-
SHTON, Mayor
ATTEST:
41A�LIIA�DUARUTE, MC
City Clerk
RESOLUTION NO. 18-781
PAGE 2
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 of August, 2018 by the following
vote, to wit:
AYES:
Council Members: Pacheco, Vasquez, Rodriguez, Mayor Ashton
NOES:
Council Member: None.
ABSENT:
Council Member: Saab
ABSTAIN:
Council Member: None.