HomeMy WebLinkAboutRES NO 040-01RESOLUTION NO. 0 40'0 ]
RESOLUTION APPROVING THE SUBMISSION OF AN APPLICATION
FOR A LOAN FROM THE CALIFORNIA HOUSING FINANCE AGENCY
AND AUTHORIZING THE CITY MANAGER TO EXECUTE ALL
NECESSARY DOCUMENTS.
WHEREAS, the California Housing Finance Agency ("CHFA") has developed a
loan program (Housing Enabled by Local Partnerships - - "HELP") whereby local
governmental entities can apply for Iow-interest loans to provide "affordable" housing;
and
WHEREAS, CHFA makes available TEN MILLION DOLLARS ($10,000,000.00)
of loan funds each application cycle and each local governmental entity can apply for
up to TWO MILLION DOLLARS ($2,000,000.00) and
WHEREAS, proceeds of the loan will be used to assist in the creation of
"affordable" housing in the City of Bakersfield; and
WHEREAS, CHFA's HELP program requires the local governmental entity to
authorize a particular person to sign the application and all other documents and
commit the necessary resources to ensure the loan will be repaid and the "affordable"
housing will be developed.
NOW, THEREFORE, BE IT RESOLVED, incorporating the above recitals herein,
by the Council of the City of Bakersfield as follows:
That the filing of an application for One Million Dollars of CHFA's "HELP"
loan funds is approved; and
That the City of Bakersfield City Manager or his/her designee is the agent
of the City of Bakersfield to execute and submit all documents including,
but no limited to, the application, loan agreement, amendments, and so
on, which may be necessary for the completion of the aforementioned
application process and ensure that the "affordable" housing is developed.
Page 1 of 2
I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Council of the City of Bakersfield at a regular meeting thereof held on
MAR ~. 8 Z001 , by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
COUNCILMEMBER CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SALVAGGIO
COUNClLMEMBER ~ 0/',.1,~-
COUNCILMEMBER t'J (~ ~¢,~ I:;
COUNCILMEMBER I~,J ~ ~ ~
CITY CLERK and Ex Officio/~lerk of the
Council of the City of Bakersfield
MAR 28 2001
APPROVED
MAYOR of Bakersfield
APPROVED as to Form:
BART J. THILTGEN
City Attorney
~'JANICE SC~.NI_AN
Deputy City Attorney
Page 2 of 2