HomeMy WebLinkAboutR-1990-D5708 Homeownership Program RESOLUTION NO.
A Resolution of the Council of the City of Yakima, Washington,
authorizing a loan for Jacob E. Macias and Maria L. Macias under the
City's Homeownership Program.
WHEREAS, pursuant to Ordinance No. 3206 of the City of Yakima (the
"City), adopted September 26, 1989, the City established a program to provide
below- market rate loans for the acquisition of residential property by persons
or families of low income (the Homeownership program" or "Program ") and
authorized the issuance and sale of its Limited Tax General Obligation Notes,
1989 (Series A-C and E -K), to fund such program; and
WHEREAS, Ordinance No. 3206 requires approval by the City Council of
each loan to be made under the Program; and
WHEREAS, the Office of Housing and Neighborhood Conservation (the
"Office "), as administrator of the Homeownership Program, has requested that
the City Council approve a loan to be made under the Program; and
WHEREAS, in the certificate attached hereto as Exhibit 1 and
incorporated by this reference herein, the Office has assured the City Council
that such loan meets all requirements of the Program and complies with the laws
of the State of Washington and with the Internal Revenue Code of 1986, as
amended;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF YAKIMA,
WASHINGTON, AS FOLLOWS:
SECTION 1. Findings. In reliance upon the certificate
attached hereto as Exhibit 1, the City Council hereby finds that the
proposed loan to Jacob E. Macias and Maria L. Macias (the "Debtor "),
in the aggregate amount of $45,500.00 (the "Loan ") , to purchase and
rehabilitate) a residence located at 116 N 7TH ST in the City, meets all
federal and state laws and regulations applicable to the Program and meets all
requirements of the Program, as set forth in the Program Policies and
Procedures. The City Council further finds that $22,500.00 of the Loan be
funded from the Homeownership Account of the Yakima General Fund and
that $23,000.00 will be funded from 203K PROGRAM through Security Pacific
Bank Washington and that such amounts are not greater than the amounts
available for such purpose.
SECTION 2. Authorization. The City Council hereby authorizes the
Office to make the Loan upon the terms set forth in and upon the execution by
the Debtor of the Homeownership Agreement, Promissory Note and Deed of Trust,
attached hereto as Exhibit 2 and by this reference incorporated herein. The
City Council further authorizes the Office to execute and deliver all documents
necessary thereto.
ADOPTED by the Councq of the Ci y of Yakima, Washington, at a regular
meeting thereof, this y7 1 day of rQ, i ,19 7)
CITY OF YAKIMA, WASHINGTON
BY
MAYOR
ATTEST:
CITY CLERK
CERTiFiCATE
I, the linderqigned. Clerk of the City of Yakima, Washington (the "City"),
and keeper of the records of the City Council (herein called the "Council"),
DO HEREBY CERTIFY:
1. That the attached resolution is a true and correct copy of Resolution
No. of the Council (herein called the "Resolution"), duly
passed at a meeting thereof held on the of
, • ••,. •
2. That said meeting was duly convened and held in all respects in
accordance with law, and to the extent required by law, due and
proper notice of such meeting was given; that a legal quorum was
present throughout the meeting and a legally sufficient number of
members of the Council voted in the proper manner for the passage
of said Resolution; that all other requirements and proceedings
incident to the proper passage of said Resolution have been duly
fulfilled, carried out and otherwise observed; and that I am
authorized to execute this certificate.
IN WITNESS WHEREOF. I have hereunto set my hand this day
of 19
CITY CLERK
CITY OF YAKIM& WASHINGTON