HomeMy WebLinkAbout0801 ResolutionRESOLUTION NO. 801
RESOLUTION APPROVING AND PROVIDING FOR THE EXECUTION OF AN
AMENDATORY LOAN AND CAPITAL GRANT CONTRACT, NUMBERED CONTRACT
NO. 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") an amendatory 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, amont 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 and 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 5th day of
November, 1969.
G. E. CARTER, MAYO
ATTEST:
CLIF ORD D GLER, CITY CLERK
APPROVED AS TO FORM:
D. WAYNE CAMPBELL, CITY AUT RNEY
SPEED MESSAGE
1 'To FROM •, y �. �
1
SUBJECT
— DATE l l C!/ 19
SIGNED ,'
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OFORM 44-900 U.S.A.