HomeMy WebLinkAboutMINUTES - 07151986 - 1.5 (2) TO- BOARD OF SUPERVISORS
FROM: Harvey E. Bragdon Contra
Director of Community Development l
Costa
DATE: June 26, 1986 c0 " "r
�,
SUBJECT: Loan Participation Agreement Between the County and Great �
Western Savings for the Housing Rehabilitation Loan Program
SPECIFIC REQUEST(-S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION
Approve Loan -Partici.pation Agreement between the County and Great Western Savings, a
Federal Savings and Loan Association, and authorize the Chair to execute said Agree-
ment for housing rehabilitation financial. services.
BACKGROUND
Pursuant to Section 570.513 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 loa6 .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 Savings which meets with the technical require-
ments of Section 570.513 of the regulations governing the Community Development Block
Grant Program be considered.
FINANCIAL IMPACT
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 ex-
ceed $592,000 at rates equivalent to the market rate for similar maturities, but in no
event less than 4 points below the one year Treasury bill rate. The Agreement also calls
for the financial participation of Great Western Savings in certain housing rehabilita-
tion loans.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOAR aCOMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON APPROVED AS RECOMMENDED __X OTHER
VOTE OF SUPERVISORS
1 HEREBY CERTIFY THAT -THIS IS A TRUE
UNANIMOUS (ABSENT AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS T DATE SHOWN.
cc: County Administrator ATTESTED p� / 9 14
Auditor-Controller --Community Development PHIL ATCHELOR, CLERK OF THE BOARD OF
. Contractor via Community Development SUPERVISORS AND COUNTY ADMINISTRATOR
M382/7-83 BY ,DEPUTY