HomeMy WebLinkAbout1985-475
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RESOLUTION NO.
85-475
RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING AND
2 DIRECTING EXECUTION OF SHORT-TERM LOAN AGREEMENT WITH
3 NEIGHBORHOOD HOUSING SERVICES, INC., FOR INFILL HOUSING PROGRAM.
4 BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
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SECTION 1. The Mayor of the City of San Bernardino is
6 hereby authorized and directed to execute, for and on behalf of
7 the City of San Bernardino, that certain agreement between the
8 City of San Bernardino and Neighborhood Housing Services, Inc.,
9 for a short-term loan for Infill Housing Program, a copy of which
10 is annexed hereto as Exhibit nln and incorporated herein by
11 reference. Upon execution thereof, the Community Development
12 Division staff is authorized to lend the sum of $20,000 to
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Neighborhood Housing Services, Inc., from Community Development
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Block Grant funds, upon the terms and conditions specified in
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agreemen .
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I HEREBY CERTIFY that the foregoing resolution was duly
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adopted by the Mayor and Common Council of the City of San
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Bernardino at a
reqular
meeting thereof, held on the
, 1985, by the following vote, to
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wit:
18th
day of November
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AYES:
Council Members Estrada Reilly HernRnnp~
Marks. Ouiel. FrRZip.r ~rrir.klAr
NAYS:
None
ABSENT: None
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./ CITY CLERK
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The foregoing resolution is hereby approved this ~~~ day
Nnvpmhp,r
, 1985.
5 Approved as to form:
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~;tHJ~
8 City Attorney
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Mayor of t e City of San Bernardino
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SHORT-TERM LOAN AGREEMENT
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'41*
day'
THIS AGREEMENT, entered into effective the
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, 1985, by and between THE CITY OF SAN
4 BERNARDINO, a public body corporate, hereinafter .City," and
5 NEIGHBORHOOD HOUSING SERVICES, INC., a California non-profit
6 corporation, hereinafter .NHS," sets forth the agreement of the
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parties as specified herein.
8 The parties hereto agree:
9 1. City shall forthwith advance to NHS the sum of $20,000,
10 to assist NHS until such time as ~HS is able to make various
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draws upon funds due from other entities.
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2. NHS agrees to repay to City the sum of $20,000, with
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interest at 7% per annum, to be repaid in six equal installments,
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to amortize the loan over a 40-week period.
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3. NHS shall execute and deliver to City, at such time as
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City is prepared to issue a check or warrant to NHS, a Promi~sory
17 Note' f d b C . t Att t t f h
1n orm approve y 1 Y orney 0 assure repaymen 0 t e
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loan. NHS shall also provide to City a Security Agreement and
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assignment of interest pledging funds from Life Savings Bank,
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also known as Life Savings and Loan Association, and pledging and
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assigning to City NHS's interest in administrative funds due and
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payable from Neighborhood Reinvestment Corporation. Such
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Security Agreement and assignment of interest shall be in form
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approved by City Attorney.
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4.
Upon presentation of the duly executed Promissory Note
and Security Agreement, in form approved by City Attorney, The
Community Development Division staff shall deliver its check or
warrant for $20,000, as specified hereinabove, using Community
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o 2 Development Block Grand funds.
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IN WITNESS WHEREOF, the parties hereto have executed this
4 agreement effective the day and year set forth above.
5 CITY OF SAN BERNARDINO
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7 By
8 Mayor
9 Attest:
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12 City Clerk
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Approved as to form:
NEIGHBORHOOD HOUSING SERVICE,
INCORPORATED
By
President
By
Secretary
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16 Ci~ney
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