HomeMy WebLinkAboutMINUTES - 09261989 - 1.49 1-049
TO: BOARD OF SUPERVISORS
FROM: Harvey E. Bragdon
Director of Community Development
DATE: September 19, 1989
SUBJECT: Loan Participation Agreement between the County and Great
Western Bank for the Housing Rehabilitation Loan Program
1989/90 Agreement
SPECIFIC REQUEST(S) OR RECOMMENDATIONS) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve Loan Participation Agreement between the County and Great
Western Bank, a Federal Savings Bank, and authorize the Chair to
execute said Agreement for housing rehabilitation financial
services.
FISCAL IMPACT
Pursuant to Section 510. 513 of Federal regulations governing the
Community Development Block Grant Funds, the County may draw funds
from its Letter of Credit in a lump sum to establish a housing
rehabilitation loan fund in a private financial institution. The
County has had previous lump sum agreements. It is proposed that
a lump sum drawdown of funds for deposit with Great Western Bank
.the regulations governing the Community Development Block Grant
program to be considered.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Agreement involves no general fund monies. Under the Agreement,
the County Housing Rehabilitation Loan Program would earn interest
on the deposit of an amount not to exceed $450, 000. 00 at rates
equivalent to the market rate for similar maturities, but in no
event less than 3 points below the one year Treasury Bill rate. The
agreement also calls for the financial participation of Great
Western Bank in certain housing rehabilitation loans.
CONTINUED ON ATTACHMENT: 4/YES SIGNATURE
RECOMMENDATION OF COUNTY ADMINISTRATOR
RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE (S) :
ACTION OF BOARD ON APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
---� I HEREBY CERTIFY THAT THIS
_UNANIMOUS (ABSENT ) IS A TRUE AND CORRECT COPY
AYES: NOES: OF AN ACTION TAKEN AND ENTERED
ABSENT: ABSTAIN ON THE MINUTES OF THE BOARD
OF SUPERVISORS ON THE DATE
SHOWN.
cc: Community Development ATTESTED j1jAeZ �9
County Administrator Phil Batchelor,
Auditor-Controller Clerk of the Board
Building Inspection Dept. of Supervisors and
Great Western Bank County Administrator
BY: G - DEPUTY