78-305RESOLUTION NO. 78R - 3o5
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM APPROVING THE TERMS AND CONDITIONS
OF AN AGREEMENT WITH SECURITY PACIFIC NATIONAL
BANK TO SUBSIDIZE TITLE I LOANS UNDER THE
LOCALITIES COI++MUNITY DEVELOPMENT BLOCK GRANT
PROGRAM, AND AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE SAID AGREEMENT.
WHEREAS, the City Council did by Resolution No. 77R -829
dated December 27, 1977, authorize the City of Anaheim to partici-
pate in a housing program to assist low and moderate income persons;
and
WHEREAS, the California Housing Financial Agency has con-
tracted with Security Pacific National Bank to implement this low
to moderate income loan program; and
WHEREAS, it is necessary that the City enter into an
agreement with Security Pacific National Bank in order to make
these low interest loan funds available to the City residents; and
WHEREAS, an agreement has this day been presented, the
terms and conditions of which are satisfactory to the City of
Anaheim.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Anaheim that the Agreement between the City of Anaheim
and Security Pacific National Bank for subsidizing Title I Loans
under the Localities Community Development Block Grant Program be,
and the same is hereby, approved.
BE IT FURTHER RESOLVED that the Mayor and City Clerk be,
and they are hereby, authorized and directed to execute said
Agreement on behalf of the City of Anaheim.
THE FOREGOING RESOLUTION is approved and adopted by the
City Council of the City of Anaheim this 16th day of May, 1978.
ATTEST:
C Y CLERK OF THE CITY OF ANAHEIM
ME;S : fm