HomeMy WebLinkAboutReso 31-1991RESOLUTION NO. 31-91
iCITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING AN AGR~NT
FOR BANKING LOAN SERVICES FOR THE
NOUSING
/
WHEREAS, on March 22, 1989 the City Council approved an Operating Agreement
with Security Pacific National Bank in connection with the City's Co~m~unity
Development Block Grant (CDBG) Housing Rehabilitation Program; and
WHEREAS, that Operating Agreement has expired and it is now necessary to
enter into a new operating Agreement with a financial institution for
financial leveraging and loan processing services in order to continue the
rehabilitation program; and
W~, Security Pacific National Bank has been determined to provide the
best available services for the program needs;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San
Francisco that the City Manager is authorized to execute on behalf of the City
an Agreement entitled "Operating Agreement - Compensating Balance Program",
between ,the City of South San Francisco and Security Pacific National Bank. A
copy of !the Agreement is on 'file in the City Clerk's Office.
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
re_gu]ar meeting held on the 10th day of April , 1991 by the
foilc~ir.g vote.
RQberta Cerri Tealia.
NOES: None
ABSTAIN: None
ABSENT: None
Councilmembers Richard A. HDffe. y, Gus Ninnlnp,Jln~
and Maynr ,lank Dra(ln
ATI~ST: ~
, ,lnhn ~ P~nn~