HomeMy WebLinkAboutMINUTES - 03011988 - 1.41 4
L t�1L
TO: BOARD OF SUPERVISORS
FROM: Harvey E. Bragdon Contra
Director of Community Development Costa
DATE: February 16 , 1988 lJ
SUBJECT: Loan Participation Agreement Between the County and
Great Western Savings for the Housing Rehabilitation Loan Program
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve Loan Participation Agreement between the County and Great
Western Savings , a Federal Savings and Loan Association, and
authorize the Chair to execute said Agreement for housing
rehabilitation financial services.
FISCAL IMPACT
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 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 Savings
which meets with the technical requirements of Section 570. 513 of
the regulations governing the Community Development Block Grant
program 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- $529,923 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 rehabilitation loans.
CONTINUED ON ATTACHMENT: YES SIGNATURE•
4
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF COMMITTEE
APPROVE OTHER
41
SIGNATURE(S) :
ACTION OF BOARD ON MAR I 198g APPROVED AS RECOMMENDED >< OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT —z_ ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: Community Development ATTESTED MAR I 1988
County Administrator PHIL BATCHELOR, CLERK OF
Auditor-Controller THE BOARD OF SUPERVISORS
Building Inspection Dept. AND COUNTY ADMINISTRATOR
Great Western Savings & Loan
BY , DEPUTY
JK/mb
misc/loanpart.agr