Loading...
HomeMy WebLinkAboutReso 1980-10262 RESOLUTION NO. 10262 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VIS'IA APPROVING AMENDMENTS TO TWO CREDIT AGREEMENTS WITH CROCKER NATIONAL BANK FOR FINANCIAL SERVICES RELATIVE TO THE CO~~UNITY HOUSING IMPROVR~ENT PROGRA.1'v1 AND THE MOBILE EOME LOAN REHABILITATION P R OG RAi'V1 S The City Council of the City of Chula Vista does hereby resolve as follows: w~ERr.AS, the City on August 15, 1978, approved an agreement with Crocker National Bank for financial services relative to the Community Housing Improvement Program, which agree~ent was amended on January 2, 1980; and, WHEREAS, the City on August 15, 1978, approved a Mobile Home and Recreational Vehicle Rehabilitation Agreement which agree- ment was amended on January 2,1980; and, WHEREAS, pursuant to the agreements, the City and the Bank wish to amend said agreements to reflect current financial con- ditions; and, WHEREAS, the amendments to the agreements are attached as if fully set forth. NOW, THEREFORE, BE IT RESOLVED that the above referenced amendments are hereby adopted, and the Mayor is authorized and directed to execute the amendments for and on behalf of the City of Chula Vista. p~ PuG. Desrochers, Cormnunity Developm.ent nirect0r Approved as to form by ~C)J-~ ,/.. ~Lo- /L---; q~~ George . Lindberg, City Atto~y ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF CHlLA VISTA, CALIFORNIA, this 1 nth I ~ 0 , by the following vote, to-wit: day of. September AYES: COI.I1Cilmen Scott, Gi11ow, Hyde, Cox, McCand1iss NAYES: Councifmen None ABSTAIN: CcuQlmen None ABSENT: Councilmen None , \'" ~' ..,. . . ':.. :",',':, /' ,'l , ~ Uof~ ~;, c.;t~Vialo ~ ~ - / .' ATTE.SY'~///~ (\ /~4j-- Y City Clerk STATE OF CALIFORNA ) COUNTY OF SAN DIEGO ) ss. CITY OF CHULA VISTA ) I, JENNE M. FULASZ, CMC, CTY CLERK of the City of Chula Vista, California, DO HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of RESOLUTION NO. 10262 ,and that the IOme has not been amended or repealed. DATED City Clerk ( seal) lo? ro ~ CC-660 F' -.~ ~.. . . .. ~_.....- ^-", . ; . M _, ^___.. a.. -~-.1"'\ . ~ '-1. E X H I B .1 T \\,D'I ~ .~); ~\ i"~ SECOND AMENDMENT TO CREDI-T AGREEHENT The City of Chula Vista (the "City") and Crocker National Bank ("Bank") executed a Credit Agreement, dated as of August 15, 1978, to document the rehabilitation program arrange- ments whereby Bank agreed to make low interest loans to certain City approved applicants on the. terms and subject to the condi- tions set forth therein. The Credit Agreement was thereafter amended on January 2, 1980. For good and valuable consideration, the City and Bank now wish to amend the Credit Agreement in certain additional respects as follows: 1. Paragraph 1 of the Agreement is hereby amended to insert immediately following the phrase "Note. Paragraph 8. (a)." the phrase "PIL Rate. Paragraph 9.~ 2. Paragraph 5 of the Agreement is hereby amended to change subparagraph" (d)" to "(e)" and insert the following: "(d) A time passbook account which shall be designated as the "Guaranteed Time Account"; and" 3. Paragraph 6(c) of the Agreement is hereby amended to~delete the references in subparagraph (v) to "7.00" and "3.00" and to insert in place thereof the phrases "10.00" and "5.00". 4. Paragraph 7 of the Agreement is hereby amended to delete the references to "7.00" and "3.00" and to insert in place thereof the phrases "10.00, a Class A Guaranteed Loan" and "5.00, a Class B Guaranteed Loan". 5. Paragraph 9 of the Agreement lS hereby amended to read in its entirety as follows: "Interest Subsidy. At the time of execution of each Note, the City shall pay to Bank an amount, discounted on the basis of future cash flow to determine present value (at the rate of one percent (1%) per annum below Bank's standard direct property improvement loan rate (the "PIL Rate") in effect on the date the loan application for the loan evidenced by such Note is completed and signed (provided such application is submitted to Bank within thirty (30) days thereafter), which PIL Rate shall be established by Bank in its sole discretion from time to time), equal to the difference between: (a) The aggregate amount of interest which would be payable on the Note during the term thereof at a rate equal to one percent (1%) per annum below the PIL Rate applicable to the loan evidenced by such Note, and It- ,.b.2. 6 ;). I O-z,G L II]) " .,., (b) The aggregate amount of interest which would be payable on the Note during the term thereof. Such amount shall be referred to herein as the "Aggregate Discount" and the City hereby authorizes Bank to debit the General Account in such amount to effect such payment." 6. Paragraph 10 of the Agreement is hereby amended as follows: (a) In subparagraph (b) insert immediately following "If the loan is a" the phrase "Class B"j and (b) Insert the following additional subparagraph: " (c) If the loan is a Class A Guaranteed Loan, an amount equal to one hundred percent (100%) of the aggregate outstanding balance of the note on such date, which amount shall be paid by Bank debiting the General Account and crediting the Guaranteed Time Account in such amount." 7. Paragraph ll(b) of the Agreement is hereby amended to insert immediately following "Guaranteed Loan Account" in subpara- graph (ii) the phrase" or Guaranteed Time Account". , 8. Paragraph 13 of the Agreement is hereby amended to insert immediately following "Guaranteed Loan Account" the phrase "and (c) the balance of the Guaranteed Time Account". 9. Paragraph 14(b) of the Agreement is hereby amended to insert immediately following "Guaranteed Loan Account" the phrase "or Guaranteed Time Account". Except as expressly amended hereby and by all previously executed amendments or supplements, the Credit Agreement shall re- main in full force and effect and, together thereof, is incorporated herein by this reference and in all respects reaffirmed. day of Executed at Chu1a Vista September , 19 80 . , Cali fornia as of the 16th 2%~~G 1); ~~~ /- ~ Attest , , / Ci ty Cl~rk CITY OF CHULA VISTA By: I f" _',,-:~.( ~ /.,,-_.1: Ti tle: May~ of the City of Chu1a Vista F.PPROVED AS TO CONTENT: CROC~TIONAL BANK I,. /"'V1 /'I L (~ L L L -LL------"[ '1/~/ VA~ ~ By:. / .'. __ ,,''',~L?:'''''-7j ~, <<-Z~c-.t1.A-{Ad./.. omas L. Shlpe City Attorney Tltle: AVP/ Manager b 7i.P LCi ty of Chula Vista , ~ . ......,;! I . .. '-~. EX H I B I T,\\Ef ~ ~Iiiic Nl.Fuhsz, City Cler:.;: P. 0. Box 1087 ~";uh ,\lisn, California 92012 SECOND fu~END~ffiNT TO MOBILE LIVING UNI~ REHABILITATION CREDIT AGREEMENT The City of Chula Vista (the "City") and Crocker l'~ational Bank ("Bank") executed a Mobile Living Unit Rehabili- tation Credit Agreement, dated as of August 15, 1978 (the "Credit Agreement") to document.the Rehabilitation Loan Pro- gram arrangementscbetween the City and Bank pursuant to which Bank agreed to make low interest loans to certain City-approved applicants on the terms and subject to the conditions set forth in the Credit Agreement. The Credit Agreement was thereafter amended on January 2, 1980. For good and valuable consideration, the City and Bank now wish to amend the Credit Agreement in certain additional respects as follows: 1. Paragraph 1 of the Agreement is hereby amended to insert immediately following the phrase "Note. Paragraph 8. (a)." the phrase "PIL Rate. Paragraph 9.~ 2. Paragraph 5 of the Agreement is hereby amended to change subparagraph" (d)" to "(e)" and insert the following: "(d) A time passbook account which shall be designat~d as the "Guaranteed Time Account"i and" 3. Paragraph 6(c) of the Agreement is hereby amended to delete the references in subparagraph (i) to "7.00" and "3.00" and to insert in place thereof the phrases "10.00" and "5.00". 4. Paragraph 7 of the Agreement is hereby amended to delete the references to "7.00" and "3.00" and to insert in place thereof the phrases "10.00, a Class A Guaranteed Loan" and "5.00, a Class B Guaranteed Loan". 5. Paragraph 9 of the Agreement is hereby amended to read in its entirety as follows: "Interest Subsidy. At the time of execution of each Note, the City shall pay to Bank an amount, discounted on the basis of future cash flow to determine present value (at the rate of one percent (1%) per annum below Bank's standard direct property improvement loan rate (the "PIL Rate") in effect on the date the loan application for the loan evidenced by such Note is completed and signed (provided such application is submitted to Bank within thirty (30) days thereafter), which PIL Rate shall be established by Bank in its sole discretion from time to time), equal to the difference between: 16~~ C J1_fD.-1/, '1 ~. ~:X..(.!.. J-""",",- . , (a) The aggregate amount of interest which would be payable on the Note during the term thereof at a rate equal to one percent (1%) per annum belo\v the PIL Rate applicable to the loan evidenced by such Note, and (b) The aggregate amount of interest which would be payable on the Note during the term thereof. Such amount shall be referred to herein as the "Aggregate Discount" and the City hereby authorizes Bank to debit the General Account in such amount to effect such payment." 6. Paragraph 10 of the Agreement is hereby amended ars follows: (a) In subparagraph (b) insert immediately following "If the loan is a" the phrase "Class B"; and (b) Insert the following additional subparagraph: " (c) If the loan is a Class A Guaranteed Loan, an amount equal to one hundred percent (100%) of the aggregate outstanding balance of the note on such date, which amount shall be paid by Bank debiting the General Account and crediting the Guaranteed Time Account in such amount." ~ 7. Paragraph ll(b) of the Agreement is hereby amended to insert immediately following "Guaranteed Loan Account" in subpara- graph (ii) the phrase" or Guaranteed Time Account". 8. Paragraph 13 of the Agreement is hereby amended to insert imrnediately following" Guaranteed Loan Account" the phrase "and (c) the balance of the Guaranteed Time Account". 9. Paragraph 14(b) of the Agreement is hereby amended to insert immediately following "Guaranteed Loan Account" the phrase "or Guaranteed Time Account". Except as expressly amended hereby and by all previously executed amendments or supplements, the Credit Agreement shall re- main in full force and effect and, together thereof, is incorporated herein by this reference and in all respects reaffirmed. btV JcY . "'" 11 ,,' .. II ~ rr t:. 16th Executed at day of September Chula Vista , 1980. , California as of the CITY OF CHULA VISTA //~~,,?W~ j~ ~ ;;(;;'<"'j~ ~ At est ,_ Ci ty C1 erk By: ~ . ~ '. ,4 l . - ~"'~II" ~ ;;; ;. '''~ f-"-'''"-i~ Title: Mayor of the City of Chula Vista APPROVED~~C~~ENT: ~, ~ 0L~}:;~~. .'/By: /\/~ I ( ~~ . ~ . Cl Y Attorney Tltle: City of Chula Vista BANK t ---<... -~-._-~ Thomas L. Shlpe AVP/Manager R-10262 cpt...-- lO~