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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.