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DATE: April 20, 1989
TO: BOARD OF SUPERVISORS
FROM: R.W. GIESE, DIRECTOR OF BUILDING INSPECTION
SUBJECT: Loan Participation Agreement Between the County and Great
Western Bank for the Housing Rehabilitation Loan Program.
1988/89 agreement.
SPECIFIC REQUEST (S) OR RECOMMENDATION (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION•
Approve amendment to 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•
None.
BACKGROUND:
Pursuant to Section 570. 513 of Federal regulations governing the
Community Development Block Grant Funds;. New regulations require
interest earned at rates equivalent to market rate for similar
maturities, but in no event less than 3, percent (instead of 4
points in prior agreement) below the one year treasury bill rate.
An addition is being made to clarify existing Section 7 .
C
CONTINUED ON ATTACHMENT YES SIGNATURE: p/[y
RECOMMENDATION OF COUNTY ADMINISTRATOR
RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE (S) :
ACTION OF BOARD ON .9 APPROVED AS RECOMMENDED >< OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
X UNANIMOUS (ABSENT ) AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
JUN 6 1989
cc: Director of Bldg. Insp. ATTESTED
Community Development Phil Batchelor,. Clerk of the
Great Western Bank Board of Supervisors and
�(ICounty
Administrator.
BY DEPUTY