Loading...
HomeMy WebLinkAbout90-110RESOLUTION NO. 90-110 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND AUTHORIZING EXECUTION OF DOCUMENTS AND DIS- BURSEMENT OF FUNDS FOR A LOAN OF COMMUNITY DEVELOP- MENT BLOCK GRANT FUNDS PURSUANT TO RESOLUTION NO. 88- 58 OF THE CITY OF PORT TOWNSEND WHEREAS, the City Council for the City of Port Townsend previ- ously authorized by Resolution No. 88-58 the terms and limits for certain loans of Community Development Block Grant funds for side- walk improvements and other improvements in the City business dis- trict, and ~EREAS, Donald and Cynthia Hoskins has applied for a loan from the City's HUD loan panel of such funds in the amount of $ 9,971.50 for masonry repairs of the Water and Quincy Street sides of the Alaska Power Building in Port Townsend, Washington, which work consists of the work de- scribed above , and ~EREAS, the City Council has reviewed the loan proposal pre- viously approved by the HUD loan panel, and the terms of the loan and the documents therefor should be approved, now, therefore, BE IT RESOLVED by the City Council for the City of Port Town- send that a loan of Community Development Block Grant funds in the amount of $ 9,971.50 pursuant to the terms of Resolution No. 88-58 of the City Council, to Donald and Cynthia Hoskins - 1 - be and the same is here and hereby approved, subject to the follow- ing conditions: 1. Funds shall be disbursed by the City Clerk upon completion of construction, after verification by the City to the City's sat- isfaction of the amounts expended and satisfactory completion of the work. The borrower shall present receipts and other evidence of expenditures to the City Clerk to support disbursement of the funds. 2. Interest at the rate of 6% per annum shall accrue upon all funds disbursed from the date of disbursal. 3. The loan transaction shall be in accordance with the at- tached documents to this Resolution, including Truth in Lending Disclosure Statement, Promissory Note, and Deed of Trust, which are incorporated herein as if set forth in full, and such other docu- ments necessary to close the transaction. 4. The borrower shall~xRm~xmmX be required to provide title insurance in the amount of the loan in favor of the City, in a form and with companies acceptable to the City, and the title report shall show the borrower as the sole owner of the property, subject only to those exceptions, encumbrances, rights, reservations or other matters which are acceptable to the City Clerk, the City At- torney and the Mayor of the City. 5. The Promissory Note shall provide for ten annual payments, beginning one year ~ after disbursement of the loan proceeds, in self-amortizing payments together with interest at the rate of 6% per annum, payable in 10 years. - 2 - BE IT FURTHER RESOLVED by the City Council for the City of Port Townsend that the Mayor for the City is authorized to sign any and all documents necessary to close said loan in accordance with this Resolution and the attachments herein, and such other documents necessary to close the loan, and the Clerk for the City is hereby authorized to issue the City's warrant or warrants for said loan in accordance with this Resolution in the total amount of $ 9,971.50. PASSED by the City Council for the City of Port Townsend and signed by the Mayor this 15th Attest: id A~~~r~y Dav' ' Clerk ppr ed as t~ ~orm: K~lt~ C. Harper, Eity Attorney day of December , 199 0. - 3 -