HomeMy WebLinkAbout92-051 - Implement the Residential Loan Programs299
REL:5/8/92
RESOLUTION NO. 92-051
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA ANA AUTHORIZING THE
EXECUTIVE DIRECTOR OF THE COMMUNITY
DEVELOPMENT AGENCY TO IMPLEMENT THE
RESIDENTIAL LOAN PROGRAMS APPROVED BY
THE CITY COUNCIL AND TO TAKE APPROPRIATE
ACTION TO PROTECT THE CITY'S SECURITY
FOR THE REPAYMENT OF RESIDENTIAL LOANS
MADE BY THE CITY
WHEREAS, the City Council of the City of Santa Ana has
approved loan programs to promote and preserve the supply of
housing affordable to persons and families of low and moderate
income, whereby loans are made to owners of residential property;
and
WHEREAS, the obligation to repay such a loan is evidenced by
a promissory note and secured by a deed of trust on the property
which is often subordinate to one or more other deeds of trust or
liens securing other'indebtedness of the property owner; and
WHEREAS, it is necessary that the City have the ability, in
appropriate circumstances, to protect the security for its loans in
the event of foreclosure on senior deeds of trust or other senior
liens or in the event of default under City notes or trust deeds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF SANTA ANA AS FOLLOWS:
1. The Executive Director of the Community Development
Agency, or his or her designated representative, is hereby
authorized to implement said residential loan programs. The
actions hereby authorized include, but are not limited to, the
following:
a. Approval or disapproval of loan applicants.
Execution, on behalf of the Agency, of loan agreements,
loan escrow instructions, acceptances of deeds of trust,
loan disbursement authorizations, amendments to loan
agreements and promissory notes, and other documents
pertaining to such loans.
2. The Executive Director of the Community Development
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Agency, or his or her designated representative, is further
authorized to take such action on behalf of the City as the said
Executive Director deems appropriate to protect the City's security
for its housing loans in the event of foreclosure of senior deeds
of trust or other liens, or in ~he event of default on a promissory
note or deed of trust to the City as beneficiary. The actions
hereby authorized include, but are not limited to, the following:
a. Initiating foreclosure proceedings;
Bidding at a foreclosure sale in an amount sufficient to
protect the City's security interest;
c. Purchasing a senior note and deed of trust or other lien;
Acquiring property through foreclosure or deed in lieu of
foreclosure;
provided, however, the Executive Director may determine not to take
any of the above actions when in the Executive Director's opinion
such actions would be financially infeasible or would be counter-
productive to the interests or objectives of the City.
3. The Executive Director of the Community Development
Agency, or his or her designated representative, is further
authorized to provide reasonable relocation assistance to persons
who are required to vacate premises due to the acquisition of
property by the City through actions taking by the Executive
Director pursuant to section 2 hereinabove, on terms and conditions
designed to assure such property is vacated. Nothing herein shall
be construed to provide such persons with a claim for relocation
benefits not otherwise available to them under State law.
4. The expenditure of City funds herein authorized is
limited to those funds which have been duly appropriated for the
implementation of the City's residential loan programs.
5. Ail previous actions of the Executive Director of the
Community Development Agency and his or her designated
representatives in the implementation of the residential loan
programs are hereby approved and ratified.
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ADOPTED this 1st day of
ATTEST:
~e~e°~' t~Ycounc '~
COUNCILMEMBERS:
Young
Pulido
Acosta
Griset
McGuigan
Norton Aye
Richardson Aye
June , 1992 ·
Mayor
APPROVED AS TO FORM:
City Attorney
CERTIFICATE OF ORIGINALITY
State of California
County of Orange
I, JANICE C. GUY, Clerk of the Council, do hereby certify the
attached Resolution 9.~ - O~-/ to be the original resolution
adopted by the City Council of the City of Santa Ana on
Clerk of the Coun~l,
City of Santa Aha
Date
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