Resolution No. 4914 - Laserfiche WebLink

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Section 1. HUD Loan Contract and Note Authorized. The City Council hereby authorizes the execution and delivery of the HUD Loan Contract in the amount of $7,895,000, substantially in the form which has been reviewed and approved by the City Manager or the person designated by the City Manager to act on behalf of the City pursuant to this Resolution (the "City Official"). The City Council also hereby authorizes the execution and delivery of a revenue bond under Ordinance No. 20376 in the form of one or more Notes (the "2007 Project Notes") that are required by the HUD Loan Contract. The 2007 Project Notes shall be in a maximum principal amount of $7,895,000, and proceeds of the 2007 Project Notes shall be used to provide financial assistance for the 2007 Project. Section 2. Delegation. The City Official may, on behalf of the City and without further action by the Council: (1) Negotiate the final terms of, execute and deliver the HUD Loan Contract and the 2007 Project Notes, and perform all of the City's obligations under the HUD Loan Contract and the 2007 Project Notes. (2) Pledge to secure the City's obligations under the HUD Loan Contract and the 2007 Project Notes, and grant HUD a right of assignment in all or any portion of, the following: (a) the allocations or grants which have been made or for which the City may become eligible under Section 106 of title I of the Housing and Community Development Act of 1974, as amended (the "Act"), as well as any grants which are or may become available to the City pursuant to Section 1 08( q) of the Act; (b) "program income," as defined at 24 CFR 570.500(a) (or any successor regulation), directly generated from the use of the amounts received by the City under the HUD Loan Contract and the 2007 Project Notes;. (c) payments made by the Agency to the City under bonds authorized by the Agency resolution adopted on the date of this resolution that authorizes issuance of urban renewal bonds to finance projects that receive funding under the HUD Loan Contract; (d) proceeds (including insurance and condemnation proceeds) from any of the foregoing; (e) funds or investments in the accounts established under the HUD Loan Contract; and (f) any other amounts that are required by HUD. (3) Negotiate the final terms of, and accept, one or more bonds issued by the Agency to pay amounts due to HUD under the 2007 Project Notes; (4) Execute and deliver any agreements or certificates and take any other action in connection with the HUD Loan Contract and the 2007 Project Notes which the City Manager finds is desirable to permit the City to sign the HUD Loan Contract, execute and deliver the 2007 Project Notes and obtain funds from HUD for the 2007 Project. Section 3. Effective Date. This resolution shall take effect immediately upon adoption. The foregoing Resolution adopted on the 23rd day of July, 2007. lLvl~ City Recorder