HomeMy WebLinkAboutResolution No. 7634RESOLUTION NO. 7634
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF AZUSA APPROVING
AN AGREEMENT WITH SECURITY PACIFIC BANK FOR
HOUSING REHABILITATION FINANCING SERVICES
WHEREAS, under the provisions of the Community Development Block
Grant Program (24 CFR 570.513), the City has proposed to make a
lump -sum drawdown for property rehabilitation purposes; and
WHEREAS, the County of Los Angeles Community Development
Commission has approved the City's application which will provide
funds for the lump -sum drawdown;
WHEREAS, Security Pacific bank has proposed to make low interest
loans to eligible applicants based on interest subsidies to be
provided by City from funds deposited with Bank; and
WHEREAS, the County of Los Angeles Community Development
Commission has tentatively approved the proposed agreement with
Security Pacific Bank.
NOW, THEREFORE, the City Council of the City of Azusa does
resolve as follows:
SECTION 1. That certain agreement between the City of Azusa and
Security Pacific Bank providing for low interest home
rehabilitation loans to be made to qualified applicants and
providing for interest subsidies by City is hereby approved and
the Mayor and City Clerk are authorized to execute the same on
behalf of the City.
SECTION 2. The City Clerk shall certify to the adoption of this
Resolution.
ADOPTED AND APPROVED This
1985.
l
�I
7th
day of
January
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the City Council of the City of Azusa, at a regular
meeting thereof, held on the 71-h day of January 1985, by
the following vote of the Council:
AYES: COUNCILMEMBERS:
NOES: COUNCILMEMBERS:
COOK, CAMARENA, MOSES
NONE
ABSENT: COUNCILMEMBERS: RUZ, LATTA
CITY CLE