HomeMy WebLinkAbout1981-01 HA
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12/30/80
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RESOLUTION NO. 81-1
A RESOLUTION OF THE HOUSING AUTHORITY OF THE
CITY OF SANTA ANA AUTHORIZING LETTER AGREE-
MENT BETWEEN AUTHORITY AND UNITED CALIFORNIA
BANK
WHEREAS, by agreement, form dated July 2,1979,
between the Housing Authority of the City of Santa Ana
("Authority") and United California Bank ("UCB") entitled
"Housing Replacement Program Financing Agreement," UCB
agreed to loan funds to Authority upon Authority's execution
of an approved promissory note, and
WHEREAS, said agreement was incorporated by
reference in a subsequent agreement betweeen Authority and
UCB, form dated May 6, 1980, entitled "Loan Service and
Revolving Credit Agreement" in which the credit line for the
loan funds was extended, and
WHEREAS, Authority and Bank have agreed by letter,
form dated December 24,1980, to the acceptance by UCB of
promissory notes executed by Authority to evidence Authority's
indebtedness for funds loaned by UCB for financing the
rehabilitation of residences under the Housing Replacement
Program.
NOW, THEREFORE, BE IT RESOLVED by the Housing
Authority of the City of Santa Ana that the letter of under-
standing, form dated December 24,1980 and executed by
United California Bank and the Executive Director of the
Housing Authority, is hereby ratified.
ADOPTED, this ~ day of
by the following vote:
January
, 19~,
AYES:
MEMBERS:
Serrato, Yamamoto, Ward, Griset, and
Luxembourger
None
NOES:
MEMBERS:
ABSENT:
APPROVED AS TO FORM:
£b:!jJ.r
City A,ttorney