HomeMy WebLinkAboutCC Reso No 1981-29RESOLUTION NO. 81-29
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LAKE ELSINORE, CALIFORNIA, AUTHORIZING THE EXECUTION
OF A STANDARD AGREEMENT,. AND OTHER DOCUMENTS TO SECURE
A COMMITENT OF `FUNDS FROM THE DEFERRED PAYMENT RE-
HABILITATION LOAN PROGRAM'OF THE STATE OF CALIFORNIA.
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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 auth-
orized to provide funds fof the rehabilitation of housing in desig-
nated areas; and
WHEREAS, the City of Lake Elsinore (hereinafter referred to as
the Local Entity), a local public agency organized under the statutes
of the State of California, is eligible to receive said funds, and
has applied to the State of California for a commitment of said funds.
NOW THEREFORE BE IT RESOLVED that the Local Entity be hereby
authorized to enter into Standard Agreement with the State to accept
a commitment in the total amount not to exceed $50,000.00 for the pur-
poses o£ lending deferred payment loans for housing rehabilitation,
subject to the terms of said agreement and to the rules and regualtions
governing the use of said funds; and to accept $7,500..00 in grant funds
for purposes of administering said deferred payment loans for a total
of $57,5.00.00; and.
BE IT FURTHER RESOLVED that the Local Entity be hereby authorized
to enter into appropriate documents with the State and that Mayor
Jerry Stewart, is hereby authorized to execute in the name of the
Local Entity said Standard Agreement, and other documents required to
consumate this transaction.
BE IT FURTHER RESLOVED that Mayor Jerry Stewart is hereby author-
ized to execute all documents required to make and record each indivi-
dual loan under this program to program participants.
APPROVED AND ADOPTED this 9th _ _ day of June 1981.
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S ry Stewart, Mayor City of
' ake Elsinore
Attest:
Angela Basch, Deputy City Clerk
City of Lake Elsinore