HomeMy WebLinkAboutReso 1980-9911
RESOLUTION NO. 9911
RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CHULA VISTA ADOPTING AHENDMENTS
TO AGREEMENTS WITH CROCKER NATIONAL
BANK REGARDING CREDIT
The City Council of the City of Chula Vista does
hereby resolve as follows:
WHEREAS, the City has implemented a Community
Housing Improvement Program (CHIP) in which the City subsidizes
the interest rate on loans to qualified property owners~ and,
WHEREAS, the City and Crocker National Bank signed
two credit agreements on August 15, 1978 relative to the rehabilita-
tion programs in the City; and,
WHEREAS, the credit agreements specify the base
interest rate upon which the City's interest subsidy is calculated,
and,
WHEREAS, financial conditions have changed such
that the Bank wishes to change the base interest rates and certain
other provisions of the agreements.
NOW, THEREFORE BE IT RESOLVED that these certain
amendments to agreements titled "l..mendme!.1t to Credit Agreement"
and "Amendment to Mobile Home and Recreational Vehicle Rehabilita-
tion Credit Agreement" between the City of Chula Vista and Crocker
National Bank attached hereto and incorporated herein, are hereby
approved.
BE IT FURTHER RESOLVED that the Mayor of the City
of Chula Vista be authorized and directed to execute said amendments
to agreements for and on behalf of the City of Chula Vista.
/
~au G; Desrochers, Community
Development Director
Approved as to form by
~-~.~~
George L. Llndberg, Clt~ Attorney
ADOPTED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
CHl1.A VISTA, CALIFORNIA, this 2nd
191 0 , by the following vote, to-wit:
Hyde, McCandliss, Scott, Gillow, Cox
day of
January
AYES: Councilmen
NAYES: Councilmen
ABSTAIN: ColI'Icilmen
ABSENT: Councilmen
None
None
None
Will-~(~
Mayor of the City of Chula Vista
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO ) s s.
CITY OF CHUlA VISTA )
I, JENNIE M. FULASZ, CMC, CITY CLERK of the City of Churo Vista, California,
DO HEREBY CERTIFY that the above and foregoing is 0 full, true and correct copy of
RESOLUTION NO. 9911
,and that the some has not been amended or repealed.
DATED
City Clerk
( seal)
CC-660 19 I J
AMENDMENT TO CREDIT AGREEMENT
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 arrangements whereby Bank agreed to
make low interest loans to certain City approved applicants on the terms and
subject to the conditions set forth therein.
For good and valuable consideration, the City and Ban k now wish
to amend the Credit Agreement in certain additional respects as follows:
Paragraph 9(a) of the Agreement is hereby amended to delete the
reference to I: 10. 00%" and to insert in place thereof the phrase
"12. OO%~'
Except as expressly amended hereby and by all previously executed
amendments or supplements, the Credit Agreement shall remain in full force
and effect and, together thereof, is incorporated herein by this reference and
in all respects reaffirmed.
Executed at
Chula Vista
, California as of the 2nd
day of
January
, 19 80
CITY OF
Chula Vista
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By
cJLti~{~
'J;l) (Jiddd "Y/
Attest{~J (!&Ai:>
Title
Mayor
CROCKER NATIONAL BANK
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By //; 1/ Il~'II"'#'''/~
Title /,~'l C'l!lIjl.,,,iNI
APPROVED AS TO CONTENT:
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City Attorney
City of Chula Vista
R-9911
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A!1ENDHENT TO
MOBILE HmlE AND RECREATIONAL VEHICLE
REHABILITATION CREDIT AGREEMENT
THE CITY OF CHULA VISTA (the "Cily") and CROCKER NATIONAL BANK
("Bank") executed a Mobilp Home and Recreational Vehicle Rehabilitation
Credit Agreement, dated as of August 15 , 1978 (the "Credit
Agreement") to document the Reha-i;;:-fi tiationi..~aIl Program arrangements
between the City and Bank pllrsuant 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.
For good and valuahle consideration, the City and Bank now
wish to amend the Credit Agreement., effective as of __Janua!,L...1_, 1980,
in certain respects as follo~s:
1. Paragraph LI(C) ie; herf'by amended t() delete the reference
to "one hundred percent (l00/;))" in Jines 14 and 15 thereof and to substi'.
tute therefor the phrase "ninety perct::ut (90%)."
2. Paragraph 4(<1) is herehy amended to delete the reference
to "one hundred percent (1(j(J';~)" in the fifth lint thereof and to substi-
tute therefor the phrdse "ninety penent (90'%)" and to delete the refer-
ence to "ninety percent ('JO'/o)" in the seventh IlfH' thereof and to substi-
tute therefor the phrase "(.jghty p('rCt'nt (RO%)."
3. Paragr-aph 4 is ht>rehy amended to add a ne\>: subparagraph
(e) to read in its enLin.ty as follo",'s:
"(t') \Vhell the proCl'eds of the loan are to be used to
purchase a Used Mobile Horne or Used Recreational Vehicle, the
applicable sales tax and license fees chargeable to the borrower,
if any, plus the lesser of (i) eighty percent (80%) of the cash
selling price (as set forth ill the proposed purchase contract
furnished Bank pursuant to Paragraph 6(c)(v)~. below) and (ii) one
hundred percent (100%) of the wholesale value (as defined in sub-
paragraph (d) above) of the Used Mobile Home or Used Recreational
Vehicle."
4. Paragraph 7 is hereby amended to insert in line 13 therrof
immediately preceding the parenthetical definition of a "Guaranteed
Loan," the following phrase:
"or in the event the City directs the Bank in writing to make a
loan, the proceeds of which will be used to purchase a Used Mobile
Home or Used Recreational Vehicle which requested loan is in excess
of the maximum lo.:w limitations set forth in Paragraph 4(e) above,"
5. Paragraph 9(.1) is hereby amended to delete the annual
percentage rate of ('11.00" in the tl1ird line thereof and to substitute
therefor the annual percentage rate of "12.00".
Except as expressly amended hereby, the Credit Agreement shall
remain in full force and effect and is incorporated herein by this
reference and is in all respects redffirmed.
R-9911
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This Amendment is executed at Chula Vista, California, as of
the 2nd day of January 1980.
CITY OF CHULA VISTA
}lEST:
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By C~,~ . ~- (~, __
Tit le_______May()r_ ----~_
CRuCKER NATIONAL BANK
By_~J!i==~
Title_~
APPROVED AS TO FORM:
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