HomeMy WebLinkAbout0745 ResolutionRESOLUTION NO. 745
A RESOLUTION AUTHORIZING THE EXECUTION AND
DELIVERY OF A CERTAIN PROJECT TEMPORARY LOAN
NOTE IN CONNECTION WITH PROJECT NO. WASH
R-18 (L -G).
WHEREAS, the City of Pasco (herein sometimes called the "Local
Public Agency") has filed or is about to file a requisition, together with
the necessary supportin documents, with the United States of America (herein
called the "Government"? requesting a payment on account of the Project
Temporary Loan provided for in the Loan and Grant Contract and numbered
Contract No. Wash. R-18 (L -G), (which, together with all supplements, amend-
ments, and waivers, is herein called the "Loan and Grant Contract" by and
between the Local Public Agency and the Government, said Loan and Grant
Contract being in connection with a certain project of the Local Public Agency
designated therein; and
WHEREAS, the Local Public Agency has determined to issue its
Project Temporary Loan Note as security for such payment:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Pasco as follows:
1. That pursuant to the provisions of a Resolution entitled:
RESOLUTION NO. 742
RESOLUTION AUTHORIZING THE ISSUANCE OF CERTAIN
PROJECT TEMPORARY LOAN NOTES IN CONNECTION WITH
URBAN RENEWAL PROJECT NO. WASH. R-18 AND PROVIDING
FOR THE SECURITY FOR THE PAYMENT THEREOF, AND FOR
OTHER PURPOSES.
duly adopted by the Local Public Agency on the 20th day of August, 1968,
the Mayor and the City Clerk of the Local Public Agency are hereby authorized
and directed to prepare and execute a note, authorized by said Resolution,
in the principal amount of Three hundred twenty-five thousand dollars
($325,000.00) or, if the Government shall only approve said requisition for
a lesser amount, in the lesser amount so approved by the Government. Such
note shall bear interest from the date of the acceptance of the Local Public
Agency's delivery thereof and the payment therefor by the Government; shall
be dated the 9th day of September, 1968; shall be designated Project Temporary
Loan Note No. I; shall bear a statement at the foot thereof in substantially
the following form:
"Delivery of this Note was accepted and payment therefor made on the
day of , 1968.
UNITED STATES OF AMERICA
Secretary of Housing and Urban Development
By
and shall not be valid until said statement i's duly executed on behalf of the
Government. The Mayor is hereby authorized and directed to deliver such note
to and accept payment therefor from the Government, and the aforesaid officers
are hereby authorized and directed to do all acts and things necessary for the
execution, sale, and delivery of such note.
2. That the proceeds of such note shall be deposited and disbursed only
in accordance with the provisions of the Loan and Grant Contract, unless
otherwise approved by the Government.
3. This Resolution shall take effect immediately after its passage as
required by law.
PASSED BY the City Council and APPROVED as provided by law this 3
day of Se2te�mber ®, 1968.
m on a �n
..
AT T:
eorge as man, Director o minis ration.
and ex -o ficio City Clerk
APPROVED AS TO FORM:
D. ayne amp e , Ci yAttorney
OF
Loan from the Federal Government to Carry Out the Urban,Renewal Project
The following information explains the Resolution requesting a loan which
is required to continue with .the Urban Renewal Project. This is a direct loan
from the Federal Government and.will be used in the following manner:
Repayment of Survey and.Planning Funds $105,000 (principal + interest)
Maintenance and operation 35,000
Second Acquisition Appraisals 19,000
Second Reuse Appraisals. 3,000
Federal Inspection Fee 13,660
Acquisition of Property 149,340
Total
$ 325,000
As noted,.this is a cummulative type loan and sufficient money is included
in each request, either a loan or a grant to.offset any existing Urban Renewal
loans that the City may have in existence at the time of the Than request.