HomeMy WebLinkAboutResolution - 98-4 RESOLUTION NO. 98- 4
RESOLUTION OF THE CITY COUNCIL AUTHORIZING
A $150,000 CASH LOAN FROM THE GENERAL FUND
TO THE RDA HOUSING FUND
WHEREAS, The City of San Jacinto provides on-going support of redevelopment
activities; and
WHEREAS, Debt is a requirement for the Redevelopment Agency (RDA) to receive tax
increment revenue: and
WHEREAS, The RDA Housing Fund will be providing $150.000 in loans to low and
moderate income individuals as part of the RDA's Down Payment Assistance Program,
THEREFORE, IT IS HEREBY RESOLVED that the City make a cash loan of $150,000
to the RDA Housing Fund 099. The loan will accrue interest (on a simple-interest basis)
at 12% per annum and will he repaid back to the City in a lump sum payment due and
payable on June 30, 1998. The City fund that is to be used will be the General fund
APPROVED AND ADOPTED this 5th day of February 1998.
Ayes: Counci lmen[bers Conner , Cornett , coed , ;•11111 arcs & Sr[edle.v
Noes: Ncne
Abstain:."7 c n e
Absent: "acne
' l
r
ayar
ATTEST: J
Pamela L. Lee. City Clerk
City Clerk
CERTIFICATION
The foregoing is certified to be a true copy of Resolution No. 98- n duly adopted
by said City Council of the City of San Jacinto on the date set forth therein.
City Clerk
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