HomeMy WebLinkAbout0741 ResolutionRESOLUTION NO. 741
RESOLUTION APPROVING AND PROVIDING FOR THE EXECUTION OF A
PROPOSED LOAN AND CAPITAL GRANT CONTRACT, NUMBERED CONTRACT
N0: 'WASH: R-18 `.(LG)' , BETWEEN CITY OF PASCO
AND THE UNITED STATES OF AMERICA, PERTAINING TO A CERTAIN
PROJECT DESIGNATED PROJECT NO. WASH. R-18 , AND
ESTABLISHING A PROJECT EXPENDITURES ACCOUNT WITH RESPECT
TO SAID PROJECT, AND FOR OTHER PURPOSES.
WHEREAS, under Title I of the Housing Act of 1949, as amended, the United
States of'America (herein called the "Government"-) has tendered to CITY OF
PASCO (herein called the "Local Public Agency") a proposed Loan and Capital Grant
Contract under which the Government agrees to -make a Project Temporary Loan, a
Project Definitive Loan, and a Project Capital Grant to the Local Public Agency
to aid in financing an urban renewal project, designated Project No. Wash. R-18 ,
in the urban renewal area described therein; and
WHEREAS the Local Public Agency has given:due consideration to said proposed
Contract; and
WHEREAS the.Local Public -Agency is duly authorized, under and pursuant to the
Constitution and laws of the State of Washington, to undertake and carry out said
Project and to execute.such proposed Contract; and
WHEREAS under said proposed Contract it is required, among other things, that,
with respect to said Project, the Local Public Agency'shall promptly set up, and
maintain in a bank or banks which are members of the Federal Deposit Insurance
Corporation, a separate and special fund designated "Project Expenditures Account;
Project No. Wash. R-18,' into which shall be deposited certain funds described in
said proposed Contract:
THE .CITY COUNCIL OF THE CITY OF PASCO DO RESOLVE AS FOLLOWS:.
Section 1. The proposed Contract, designated."Loan and Capital Grant Contract,
Contract No. Wash. R-18.(LG)", consisting of. Parts I and II, under and subject to
the provisions, terms;,and conditions of which the Government will make a Project
Temporary Loan, a Project Definitive Loan, and a Project Capital Grant under Title
I of the Housing Act of 1949, as amended, to the Local Public Agency to aid in financing
an urban renewal project, designated Project No. Wash. R-18, situated in the City of
Pasco, Washington, is hereby in all respects approved.
Section 2. The Mayor is hereby authorized and directed to execute said proposed
Contract in two counterparts on behalf of.the Local Public Agency, and the City Clerk
is hereby authorized and directed to impress and attest the official seal of the Local
Public Agency on each such counterpart arid,to forward such counterparts to the
Housing and Home Finance Agency, -together with such other documents relative to the
approval and execution thereof as may be required by the Government.
Section 3. The. Local Public Agency agrees to abide by all of the provisions,
terms, and conditions of said Contract.
Section 4. With respect to this Project,of the Local Public Agency, designated
Project No. Wash. R-18, there is hereby established a separate and special fund,
designated "Project Expenditures Account; Project No. Wash. R-18", which shall be
maintained in a bank or banks which are members of the Federal Deposit Insurance
Corporation. All funds which, by the terms of the Loan and Capital Grant Contract,
are required to be deposited�•in said Account shall be promptly deposited • therein.
Section 5'.. This Resolution shall take effect immediately,. after its passage
as required by law.
PASSED by the City Council.and APPROVED by the Mayor this 2-.0
day of s7— 19. 6Y .
G. E. CARTER, MAYOR
ATTEST:
GEORGE EASTMAN , ITY CLERK
APPROVED AS TO FORM:
D. WAYNE BELL, CIT ATTORNEY