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HomeMy WebLinkAbout88-91 - Section 108 & Interim LoansRESOLUTION NO. 88-91 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NEWPORT BEACH DIRECTING THE CITY MANAGER TO EXECUTE A HUD "SECTION 108" LOAN AND AN INTERIM LOAN FOR NO MORE THAN 1.2 MILLION DOLLARS WHEREAS, the City of Newport Beach is making a good faith effort to implement the policies and programs contained in the City's General Plan; and WHEREAS, it is the City's desire to provide services for low and moderate income households; and WHEREAS, the City is eligible to apply for a Federal loan of $1,200,000 in Community Development Block Grant funds which can be used for programs as set forth in the adopted 1988 -89 Statement of Community Develop- ment Objectives; and WHEREAS, the City previously published two notices announcing the availability of funds and requesting proposals for projects; and WHEREAS, the City has published two notices of public hearings requesting comments on the "Proposed Statements of Community Development Objectives and Proposed Use of Funds: and made it available to the public; "T1 WHEREAS, the City of Newport Beach conducted a public hearing concerning the use of the 1988 -89 Community Development Block Grant Funds and the HUD "Section 108" loan; and WHEREAS, in the "Final Statement of Objectives and Proposed Use of Funds" the City considered all public comments or views which had been received either in writing or at the public hearing; and WHEREAS, the City published a Notice of Public Hearing concerning the HUD "Section 108" loan and considered all public comments at the public hearing. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Newport Beach that the staff is instructed to execute and submit the Federal "Section 108" loan and the interim loan to assist with the purchase of a Community Center, using future Community Development Block Grant funds as the loan guarantee; and - 1 - BE IT FURTHER RESOLVED that the City Manager is hereby identified as the official representative of the Grantee to execute and submit the "Section 108" loan and interim loan, all understandings and assurances contained therein, and such additional information as may be required. . Adopted this 12th day of September- 1988. ATTEST i i CTB : j m C \RESOL \CDBGFUND.CC 0 - 2 -