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Item 3: Resolution Authorizing HUD Section 108 Revenue Bonds
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Item 3: Resolution Authorizing HUD Section 108 Revenue Bonds
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6/9/2010 12:45:34 PM
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7/20/2007 8:21:40 AM
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Agenda Item Summary
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7/23/2007
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<br />Attachment C <br />HUD 108 Revenue Bond Transactions <br />Initial Funding <br />HUD Issues Loan/Note and <br /> 1 <br />BEDI Grant to City <br />HUD <br /> 2 <br />City sends HUD Loan/Note and BEDI Grant $$ to URA <br />CityURA <br />URA Issues Bond to City <br /> 3 <br />Property Purchase <br />HUD 108 Revenue Bond Transactions <br />Repayments <br /> 3 <br />City Repays HUD Loan/Note* <br />HUD <br />CityURA <br />URA Makes Bond Payments <br /> 2 <br />to City from Tax Increment Revenues <br /> 1 <br />Tax Increment Revenues <br />*If URA or other sources of funds are insufficient, HUD will withhold CDBG funds to make loan payments. <br />
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