HomeMy WebLinkAboutReso 1991-16235 RESOLUTION NO. 16235
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA, CALIFORNIA APPROVING AND P~ATIFYING THE CONTRACT
FOR LOAN GUARANTEE ASSISTANCE WITH HUD; THE GRANT
AGREEMENT AND LOAN GUARANTEE ACCEPTANCE PROVISIONS; THE
1991-A FISCAL AGENCY AGREEMENT WITH CHEMICAL BANK;
AUTHORIZING ISSUANCE OF NOTES FOR $750,000;
APPROPRIATING THE PROCEEDS OF SAID LOAN TO THE NORMAN
PARK SENIOR CENTER RENOVATION PROJECT; AND
REAPPROPRIATING PREVIOUS YEARS CDBG FUNDS FOR LOAN
ORIGINATION CHARGES
WHEREAS, the City is in need of additional funds for the construction of
the Norman Park Senior Citizen Center; and,
WHEREAS, the City, as authorized by the Resolution No. 16040, on January
22, 1991, has applied for a Section 108 Loan Guaranty from HUD; and,
WHEREAS, HUD has approved, on June 13, 1991, our application and is willing
to guaranty our loan in the amount of $750,000, secured by the pledge of future
allocations of CDBG entitlemerits; and,
WHEREAS, because the City Council did not meet for the last two weeks in
June, there was insufficient time to bring the documents to the City Council in
advance of their execution and delivery to HUD to meet HUD's document delivery
date of July 3, 1991 and their Note Sale deadline date of July 17, 1991;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF CHULA VISTA DOES HEREBY
FIND, DETERMINE, ORDER AND RESOLVE AS FOLLOWS:
SECTION 1. The City Council does hereby approve the Contract for Loan
Guarantee Assistance, City Clerk Document No. C091-114; the
Grant Agreement and Loan Guarantee Acceptance Provisions, City
Clerk Document No. C091-115; the Master Fiscal Agency
Agreement among the Borrowers and Chemical Bank, City Clerk
Document No. C091-116; the Series 1991-A Fiscal Agency
Agreement City Clerk Document No. C091-117; and the three
Promissory Notes ("Notes"), City Clerk Document Nos. C091-118,
C091-119, and C091-120, respectively; copies of all of which
are on file in the Office of the City Clerk.
SECTION 2. The City Council does hereby approve for execution the
Contract for Loan Guarantee Assistance, the Grant Agreement
and Loan Guarantee Acceptance Provisions; the Series 1991-A
Fiscal Agency Agreement, and the three Prommisory Notes, and
ratifies the Mayor's execution of same, and authorize the
issuance of said Prommisory Notes.
Resolution No. 16235
Page 2 '
SECTION 3. The City Council does hereby appropriate the proceeds from
said notes into Account No. 646-6460-PR110A, the Norman Park
Senior Center Renovation Project.
SECTION 4. The City Council hereby reappropriates all of the funds
remaining from the Economic Development Revolving Fund,
Account Nos. 633 6330 BG 201, 634 6340 BG 201, and 635 6350 BG
201; to Normal Park Section 108 Loan Repayment Fund, Account
No. 647-6470-PRl11, for loan origination charges in the amount
of $15,230.00.
SECTION 5. This resolution shall take and be in full force and effect
immediately upon the passage and adoption hereof.
SECTION 6. The City Clerk shall certify to the passage and adoption of
this Resolution; shall enter the same in the book of original
Resolutions of said City; and shall make a minute of the
passage and adoption hereof in the minutes of the meeting at
which the same is passed and adopted.
Presented by: Approv as T/~fi, Y:A_~_~ ~
Chris~alo~mo~e~ J ~ogaard ~ '
Community Development Director City Attorney
Resolution No. 16235
Page 3
PASSED, APPROVED and ADOPTED by the City Council of the City of Chula
Vista, California, this gth day of July, lggl, by the following vote:
AYES: Councilmembers: Grasser Horton, Malcolm, Moore, Nader,
Rindone
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Tim Nader, Mayor
ATTEST:
uth~let, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) ss.
CITY OF CHULA VISTA )
I, Beverly A.Authelet, City Clerk of the City of Chula Vista, California, do
hereby certify that the foregoing Resolution No. 16235 was duly passed, approved,
and adopted by the City Council held on the gth day of July, lggl.
Executed this 9th day of July, lggl.
Bev~th~let, City Clerk