HomeMy WebLinkAboutRES NO 130-03RESOLUTION NO. ] 3 0 ' 0 3
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD AUTHORIZING THE REQUISITE CITY
PERSONNEL TO EXECUTE ALL DOCUMENTS
REQUIRED TO ACCESS SECTION 108 LOAN
GUARANTEE FUNDS OF $800,000 FOR VARIOUS
STREET IMPROVEMENT PROJECTS.
WHEREAS, the City of Bakersfield has determined that a high priority exists for a
street improvements in three locations: California Avenue form Chester Avenue east to
the railroad tracks south of Washington Avenue; Union Avenue from California Avenue
south to Belle Terrace; and Brundage Lane from Chester Avenue east to Union Avenue;
and
WHEREAS, the City applied to the Secretary of the Department of Housing and
Urban Development ("HUD") under the Section 108 Loan Guarantee program for a loan
to enable such street improvements; and
WHEREAS, under the Section 108 Loan Guarantee program, the City can
borrow up to five years' worth of its annual Community Development Block Grant
allocation, and can take up to twenty years to repay the principal and interest; and
WHEREAS, the City requested and has been authorized to receive $800,000
dollars to facilitate such street improvements; and
WHEREAS, to access the funds, the City must execute several documents with
HUD, including, but not limited to, a loan agreement and a promissory note; and
WHEREAS, the loan shall be repaid with future Community Development Block
Grant entitlements; and
WHEREAS, additional security is provided by way of a second deed of trust on
the City-owned real property located at 1601 Truxtun Avenue.
NOW, THEREFORE, BE IT RESOLVED, incorporating the above recitals herein,
by the Council of the City of Bakersfield as follows:
That the participation of the City of Bakersfield in the Section 108 Loan
Guarantee Program is hereby authorized; and
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That the mayor or designee, the city attorney or designee, the economic
development director or designee and the finance director or designee of
the City of Bakersfield are authorized to execute any documents required
by HUD to enable the City to access the Section 108 Loan Guarantee
Program funds mentioned herein.
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the
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
Council of the City of Bakersfield at a regular meeting thereof held on
JUL 9 2003 , by the following vote:
AYES: COUNCILMEMBER COUCH, CARSON, BENHAM, MAGGARD, HANSON, SULLIVAN, SALVAGGIO
NOES: COUNCILMEMBER
ABSTAIN: COUNCILMEMBER
ABSENT: COUNCILMEMBER
APPROVED
JUL 9 ZOO3
CiTY CLERK and Ex Officio ..~. rk of the
Council of the City of Bakersfield
H~ay~oVrE'Y I-' HALL
APPROVEDASTOFORM:
BART J. THILTGEN
City Attorney
~/,'/JANICE SCANLAN
Deputy City Attorney
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