HomeMy WebLinkAboutReso 187-1996RESOLUTION NO. 187-96
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING AN OPERATING AGREEMENT FOR
A DEFERRED LOAN PROGRAM AND AN OPERATING AGREEMENT
FOR COMPENSATING BALANCE LOAN PROGRAM BETWEEN THE
CITY OF SOUTH SAN FRANCISCO AND T.IB~RTY BANK
WHEREAS, the City desires to retain Liberty Bank pursuant to
the terms of the Operating Agreement for Defeerred Loan Program
and the Operating Agreement for Compensating Balance Loan
Program; and
WHEREAS, Liberty Bank desires to enter into said contracts;
and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of South San Francisco that it hereby approves as follows:
1. The City Council hereby approves the Operating
Agreement for Deferred Loan Program between the City of South San
Francisco and Liberty Bank and authorizes the City Manager to
execute the Agreement on behalf of the city of South San
Francisco;
2. The City Council further approves the Operating
Agreement for Compensating Balance Loan Program between the City
of South San Francisco and Liberty Bank and authorizes the city
Manager to execute said Agreement.
I hereby certify that the foregoing Resolution was regularly
introduced and adopted by the City Council of the City of South
San Francisco at a ~po~i~] meeting held on the 18th day of
December , 1996, by the following vote:
AYES:
Councilmomh~r~ Fug~ne R. Mullin, Robert Yee and
Mayor Joseph A.
NOES: None
ABSTAIN:
Counrilm~mh~r ,lnhn R. Penna
ABSENT: None
ATTEST:
City Clerk
a~u~LOAN PROG.RES
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