Loading...
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