HomeMy WebLinkAboutReso 39-1989RESOLUTION NO. 39-89
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING AN AGREEMENT
FOR BANKING LOAN SERVICES FOR THE
HOUSING REHABILITATION PROGRAM
WHEREAS, on January 28, 1987 the City Council approved an Operating
Agreement with Security Pacific National Bank in connection with the
City's Community 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
WHEREAS, 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
regular meeting held on the 22nd day of March , 1989, by the
following vote:
AYES: Councilmembers Mark N. Addiego, Jack Drago, Richard A. Haffey,
NOES:
ABSTAIN:
ABSENT:
Gus Nicolopulos, and Mayor Roberta Cerri Teglia
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City Clerk - ~