Loading...
HomeMy WebLinkAbout1982-04-06; City Council; Resolution 68409 i 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 6840 AUTHORIZING THE DEPOSIT OF FUNDS FROM THE CONTINGENCY ACCOUNT WITH THE SELECTED REHABILITATION PROGRAM DEPOSITORY WHEREAS, the City Council of the City of Carlsbad has authorized the use of Community Development Block Grant funds for the establishment of a local rehabi 1 i tation program, and WHEREAS, the City of Carlsbad and the County of San Diego have agreed to provide local rehabilitation services through the Community Development Block Grant program, and WHEREAS, the City of Carlsbad must select a depository to assist in the administration of the rehabilitation loan process, and WHEREAS, the timely depositing of funds with the selected depository will guarantee rapid implementation of the local rehabilitation program, and WHEREAS, the City of Carlsbad desires to immediately deposit $134,189 from the contingency account with the selected depository, this amount to be reimbursed within three weeks from the Block Grant fund; ///// //// //// //// //// //// //// //// //// //// //// I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 0 0 NOW, THEREFOREy BE IT RESOLVEDy that the City Council of the City of Carlsbad shall approve the Rehabilitation Agreement with the Bank of merica and shall deposit $134,189, with this depository from the City's contingency account. PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the City of Carlsbad on this 6th day of April 1982, by the following vote to wit: AYES: Council Members Packard, Casler, hear, Lewis and Kulchin NOES: None ABSTAIN: None ABSENT: None RONALD C. PACKARD, Mayor (Seal 1 Exhibit "E" 0 COMMERCIAL AND RES I DENT I AL PROPERTY REHABILITATION LOAN AGREEMENT COMPREHENSIVE FORM THIS AGREEMENT is made by the CITY OF CARLSBAD, a political subdivision in the State of California, herein called "Authority," and BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, a national bank- ing association, herein called "Bank." RECITALS A. Authority has authorized a Housing Preservation Program and a Commercial Property Rehabilitation Program as part of an adopted Community Development Block Grant Program (as may be amended and modi- fied from time to time) hereinafter collectively called "Program." B. As part of Authority's implementation of Program, Author- ity has requested Bank to make below-market interest rate property re- habilitation loans ("Loans" or "Program Loans") to certain owners/tenants of real property within Authority and approved by Authority as recipients of Loans ("Applicants"). The purpose of the Loans will be the rehabili- tation of real property in accordance with Program. ity has requested a choice of several types of Loans to Applicants. In addition, Author- C. To support these objectives, and based on an initial de- posit of Community Development Block Grant funds, Bank is willing to provide Authority and Applicants with Collateralized Loans for Resi- dential Property Improvement (Part Three) , Collateralized Loans for Commercial Property Improvement (Part Four) , Deferred Payment Loans (Part Five), and other services at rates and terms not available to the general public or to Authority independent of this Agreement. NOW, THEREFORE, for an in consideration of the foregoing and the mutual agreements made herein, and for other good and valuable con- sideration, Authority and Bank agree as follows: PART ONE DEPOSIT OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS 1. Authority shall deposit $134,189 of Community Development Block Grant rehabilitation funds available to Authority under the Hous- ing and Community Development Acts of 1974 and 1977, as amended, as part of this Agreement. 2. Authority's deposits of Community Development Block Grant funds may be made in any of the following forms: (a) A deposit to the Warehouse Account, the funds in which are unallocated to Loans. (b) A deposit to Collateralized Loan Account (s) which are noninterest-bearing savings accounts which subsidize Loans and are pledged as Loan collateral. (c) The purchase from Bank of time certificate (s) of deposit, the proceeds of which are allocated to future Program Loans. Bank will pay, at Authority's election, the highest interest rate per- mitted by law and this Agreement on all account described above. legal interest rate limitations are changed, Bank will pay its highest rate offered to the public, If 2 3. Authority relinquishes the use of and control over ac- counts described in paragraph 2(b). for the Loan purposes described in this Agreement. This account(s) will be used only 4. which are unallocated to existing Program Loans. 5. Authority retains full accessibility to all deposits Authority agrees all interest earnings will be paid to the Warehouse Account and will become immediately available for the sub- sidy of Loans. PART TWO APPLICATION PROCEDURES 6. At the request of Authority, Bank, through its Carlsbad- El Camino Real Branch, shall consider making Loans to qualified Appli- cants directed to Bank by Authority. Bank shall notify the respective Applicant(s) in writing of any such request it receives from Authority. The notification shall contain the following statement: Carlsbad has requested the Carlsbad-El Camino Real Branch of Bank of America National Trust and Savings Association, 2550 El Camino Real, Carlsbad, California 92008, to consider making a specific extension of credit to you." "The City of A qualified Applicant shall be identified by Authority or its agents, using Authority's established standards, which must con- sider, without limitation: (a) For each improvement Loan Applicant: (1) Applicant is "the owner of record" of the property subject to rehabilitation. 3 (2) Applicant has verifiable income(s) which can be used to repay the proposed Loan. (3) Authority has determined that the proposed Loan, given Program options available, will best serve the rehabilitation needs of Applicant and the Program objectives. (b) In addition, each commercial improvement/rehabilita- tion Loan Applicant, if a lessee, has a lease which, with options, extends at least six (6) months beyond the maturity of the proposed Loan. 7. Authority shall furnish to Bank, with respect to each Loan application: (a) an introductory letter stating that Applicant qua- lifies for Loan consideration, based on minimum standards in para- graph 6, and that Authority desires Bank to consider making a Loan to Applicant; (b) a breakdown of the costs involved in the rehabili- tation work to be performed on Applicant's real property; a description of the work; an estimate of the value of the real property of- (c) (d) fered as security for the Loan, or a statement that the Loan is to be unsecured; (e) a copy of any contractor bid proposed to, or ac- cepted by, Applicant; (f) a statement including the name of the contractor selected by Applicant who will perform the rehabilitation work, 4 and that Authority knows no reason to disqualify the contractor from program participation; and (b) for each commercial improvement/rehabilitation Loan, Authority shall also furnish to Bank, with respect to each Loan Ap- plicant; (1) 2-year business income statements supported by IRS income tax filings; (2) a copy of the existing lease, if Applicant is a property tenant; and (3) Applicant's personal financial statement. Bank shall perform its customary credit evaluation with 8. respect to Applicant, render its judgment with respect to the credit- worthiness of Applicant, and recommend appropriate Loan terms. 9. Upon completion of its credit evaluation, Bank shall fur- nish to Authority a recommendation whether to proceed with the Loan or not, including: (a) a recommendation as to use of either Collateralized or Deferred Payment Loan, or some combination thereof; and (b) an indication of which of the following Loans (for which Bank assumes part of the credit risk, as indicated paren- thetically below) Bank is willing to make to Applicant:: (1) for residential property improvement Loans: (i) a 6.75% Collateralized Loan (30% credit risk); or (ii) a 12.00% Collateralized Loan (70% credit risk). 5 (2) For commercial property improvement Loans: a 12.00% Collateralized Loan (65% credit risk). 10. After having determined the exact nature and scope of the rehabilitation work to be performed on Applicant's real property, Author- ity may request Bank to grant Applicant a Loan, which either must be from among those designated by Bank pursuant to paragraph 9(b) above or must be a Loan pursuant to paragraph ll(a) (100% collateralized) or Part Five (Deferred Payment Loan). PART THREE COLLATERALIZED LOANS FOR RESIDENTIAL PROPERTY IMPROVEMENT 11. Each Collateralized Loan shall be supported by a deposit, as described below, made by Authority to a Collateralized Loan Account. These accounts shall at all times be at least equal to: (a) 100% of unpaid principal for each 3.00% Loan for which Bank has not designated Applicant (pursuant to paragraph 9(b)(l)) as a party to whom Bank is willing to make a (partially) Collateralized Loan; (b) 70% of unpaid principal for each 6.75% Loan; (c) 30% of unpaid principal for each 12.00% Loan; plus, in each case, 100% of accrued unpaid interest. assigns the Collateralized Loan Account to secure the Collateralized Loans. Authority hereby 12. (a) Unless Authority requests one note only, each Ccl- lateralized Loan shall be evidenced by two notes, effective in suc- cession, as provided herein. 6 (b) mercial note, the term of which shall coincide approximately with the rehabilitation period (although all references herein to the short-term commercial note are singular, a Loan could include more than one short-term commercial note). term commercial note may not exceed ninety (90) days, although the note may be extended, renewed, or refinanced. The Loan proceeds thereof shall be disbursed by Bank in a number of draws, each to follow completion of an applicable state of construction, as cer- tified to Bank by Authority. disbursed portion of the Loan. The note first effective shall be a short-term com- The term of any one short- Interest shall accrue only on the (c) Promptly after Bank's disbursement of the final draw under the short-term commercial note, that note shall be refinanced by an installment note, as provided for at subparagraph (e) below or, alternatively, as provided for in Part Five, Deferred Payment Loans. At the time the short-term commercial note is refinanced by the installment note, Applicant may either pay Bank the accrued in- terest on the short-term commercial note or may have it added to the principal of the installment note. (d) As part of its normal credit accommodations, Bank will make creditor life and disability insurance available to each Applicant. Insurance will be at Applicant's option, subject to standard qualifications and premiums. are subject to change without prier notice. In the case of de- faulted Loans, Authority agrees to guarantee unpaid premiums in accordance with the provisions of paragraph 15 below. Qualifications and premiums 7 (e) The term of the installment note will be determined by Bank for the Loan in question, but may not exceed 15 years, and the installment note shall be amortized in equal monthly install- ments over its term. Interest will be calculated on a simple in- terest basis for each installment note. 13. With respect to Collateralized Loans: (a) On both the short-term commercial note and the in- stallment note, interest and other finance charges, as defined in the Federal Truth in Lending Act and Regulation Z thereto, shall be such as to result in an Annual Percentage Rate, as defined in that Act and Regulation, of 3.00% or 6.75% or 12.00%. (b) The Loan shall be documented using Bank's standard forms . (c) Both the short-term commercial note and the install- ment note shall, at Bank's or Authority's option, be secured by a deed of trust covering the real property that is the subject of the rehabilitation for which the proceeds of the Loan are to be used. 14. Authority shall make a relevant deposit to the Collateral- ized Loan Account in the percentage of Loan amount provided for at para- graph 11, when the commercial note and deed of trust, if any, are signed by Applicant and when interest on a short-term commercial note becomes added to the principal of a subsequent installment note. At the end of each calendar month ending 180 days after Authority's first deposit here- under, Bank shall remit to Authority the amount by which the Collateral- ized Loan Account exceeds the paragraph 11 percentages of the unpaid 8 balances of Collateralized Loans. Funds that Bank thus remits to Author- ity shall be deemed funds that Authority deposited at least 180 days be- fore. 15. If a Collateralized Loan remains in default for a continu- ous period of ninety (90) days on account of nonpayment of any sum of money due pursuant to the terms thereof or of any instrument or document related thereto, Bank may withdraw from the Collateralized Loan Account, and pay to itself, an amount equal to the then outstanding principal bal- ance of the Loan multiplied by the same percentage as the percentage of the Loan amount that was deposited to the Collateralized Loan Account pursuant to paragraph 11, plus 100% of accrued unpaid interest on the Loan, together with insurance premiums, if any, accrued through the 90th day of default. Collateralized Loan Account for any amounts in excess of those permitted under this paragraph. During any ninety (90) day default period, Bank shall perform its customary collection procedures with respect to the Loan. Bank shall have no recourse against Authority or the 16. After a withdrawal from the Collateralized Loan Account under paragraph 15 above, in the case of a Loan for which the deposit to the Collateralized Loan Account under paragraph 11 was less than 100% of the Loan amount: (a) Bank need not assign the deed of trust to Authority upon completion of the withdrawal, but may, for its own account, exercise rights under the deed of trust to recover the remaining outstanding and unpaid principal of the Loan plus accrued unpaid 9 interest thereon together with insurance premiums, if any, accrued after the 90th day of default. (b) At its election, Bank may assign to Authority such rights as may be necessary for Authority to attempt to recoup any funds withdrawn from the Collateralized Loan Account in connection with any Loan default. (c) If Bank subsequently recovers funds with respect to a defaulted Loan (as, for example, but without limitation, if a voluntary sale of the property takes place), Bank shall, after de- ducting the previously unreimbursed percentage of Loan loss to which Bank is entitled, plus Bank's costs of recovery, return and pay over to Authority all amounts in excess thereof, 17. After a withdrawal from the Collateralized Loan Account under paragraph 15 above, in the case of a Loan for which the deposit to the Collateralized Loan Account under paragraph 11 was 100% of the Loan amount, Bank shall assign the Loan to Authority, the assignment to be ac- complished by: (a) the due endorsement by Bank to Authority of the promissory note evidencing the Loan, without recourse or warranty; and (b) the delivery of the promissory note and the assign- ment and delivery of the deed of trust. 18. Collateralized Loans, as described in paragraphs 11 through 17, must have an average original Loan amount of $10,000.00. Collateralized Loans will be analyzed every 180 days from contract ap- proval. If average $10,000 Loan amounts are not maintained, Bank may: Authority's 10 (a) (b) increase collateral requirements for new Loans; or (c) increase borrower interest rates for new Loans; assess an origination fee for new Loans. PART FOUR COLLATERALIZED LOANS FOR COMMERCIAL PROPERTY IMPROVEMENT 19. Each Collateralized Loan shall be supported by a non- interest-bearing deposit made by Authority to a Collateralized Loan Ac- count, an account that shall at all times be at least equal to 35% of the unpaid principal for each 12.00% Loan, plus 100% of accrued unpaid interest. Authority hereby assigns the Collateralized Loan Account to secure the Collateralized Loans. 20. (a) Unless Authority requests one note only, each Col- lateralized Loan shall be evidenced by two notes, effective in sue- cession, as provided herein. (b) The note first effective shall be a short-term com- mercial note, the term of which shall coincide approximately with the rehabilitation period (although all references herein to the short-term commercial note are singular, a Loan could include more than one short-term commercial note). The term of any one short- term commercial note may not exceed ninety (90) days, although the note may be extended, renewed, or refinanced. The Loan proceeds thereof shall be disbursed by Bank in a number of draws, each to follow completion of an applicable state of construction, as cer- tified to Bank by Authority. Interest shall accrue only on the disbursed portion of the Loan. 11 (c) Promptly after Bank's disbursement of the final draw under the short-term commercial note, that note shall be refinanced by an installment note, as provided for at subparagraph (e) below or, alternatively, as provided for in Part Five, Deferred Payment Loans. At the time the short-term commercial note is refinanced by the installment note, Applicant may finance the accrued interest on the short-term commercial note. (d) As part of its normal credit accommodations, Bank will make creditor life and disability insurance available to each Appli- cant subject to standard qualifications and premiums, which qualifi- cations and premiums are subject to change without prior notice. However, if Applicant does not qualify for or elects not use the creditor life and disability insurance offered by Bank, Applicant shall be required to obtain a policy of Creditor Life Insurance, in a form acceptable to Bank while any part of the Loan remains out- standing, in an amount at least equal to the amount outstanding un- der the Loan to Applicant, with Bank named as beneficiary. Authority's request, said insurance shall be prepaid from Loan pro- ceeds and said amount added to the principal amount of the Loan. At Bank's request, each Applicant shall also be required to main- tain a standard policy of hazard insurance covering the real pro- perty upon which the rehabilitation work is to be performed in effect while any part of the Loan remains outstanding, with Bank named as beneficiary. In the case of defaulted Loans, Authority agrees to guarantee unpaid premiums in accordance with the provi- sions of paragraph 23 below. Upon 12 (e) The term of the installment note shall be determined by Bank for the Loan in question, but may not exceed years, and the installment note shall ly installments over its term. simple interest basis for each installment note. be amortized in equal month- Interest will be calculated on a 21. With respect to Collateralized Loans: (a) On both the short-term commercial note and the in- stallment note, interest and other finance charges, as defined in the Federal Truth in Lending Act and Regulation Z thereto, shall - be such as to result in an Annual Percentage Rate, as defined in that Act and Regulation, of 12.00%. (b) The Loan shall be documented using Bank's standard f oms. (c) Both the short-term commercial note and the install- ment note may, at Bank's or Authority's option, be secured by a deed of trust covering the real property that is the subject of the re- habilitation for which the proceeds of the Loan are to be used. 22. Authority shall make a relevant deposit to the Collateral- ized Loan Account in the percentage of Loan amount provided for at para- graph 19 when the commercial note and deed of trust, if any, are signed by Applicant. At the end of each calendar month ending 180 days after Authority's first deposit hereunder, Bank shall remit to Authority the amount by which the Collateralized Loan Account exceeds the paragraph 19 percentage of the unpaid balances of Collateralized Loans. Funds that Bank thus remits to Authority shall be deemed funds that Author- ity deposited at least 180 days before. 23. If a Collateralized Loan remains in default for a continu- ous period of ninety (90) days on account of nonpayment of any sum of money due pursuant to the terms thereof, or of any instrument or docu- ment related thereto, Bank may withdraw from the Collateralized Loan Account, and pay to itself, an amount equal to the then outstanding prin- cipal balance of the Loan multiplied by the same percentage as the per- centage of the Loan amount that was deposited to the Collateralized Loan Account pursuant to paragraph 19, plus 100% of accrued unpaid interest on the Loan, together with insurance premiums, if any, accrued through the 90th day of default. or the Collateralized Loan Account for any amounts in excess of those permitted under this paragraph. During any ninety (90) day default per- iod, Bank shall perform its customary collection procedures with respect to the Loan. Bank shall have no recourse against Authority 24. After a withdrawal from the Collateralized Loan Account under paragraph 23 above: (a) Bank need not assign any deed of trust to Authority upon completion of the withdrawal but may, for its own account, exercise rights under the deed of trust, note, or other instrument in Bank's possession to recover the remaining outstanding and un- paid principal of the Loan plus accrued unpaid interest thereon together with insurance premiums, if any, accrued after the 90th day of default. (b) At its election, Bank may assign to Authority such rights as may be necessary for Authority to attempt to recoup any 14 funds withdrawn from the Collateralized Loan Account in connection with any Loan default. (c) If Bank subsequently recovers funds with respect to a defaulted Loan (as, for example, but without limitation, if a voluntary sale of the property takes place), Bank shall, after de- ducting the previously unreimbursed percentage of Loan loss to which Bank is entitled, plus Bank's cost of recovery, return and pay over to Authority all amounts in excess thereof. 25. Collateralized Loans, as described in paragraphs 19 through 24, must have an average original Loan amount of $10,000.00, Collateralized Loans will be analyzed every 180 days from contract ap- proval. If average $10,000 Loan amounts are not maintained, Bank may: Authority's (a) increase borrower interest rate for new Loans; (b) increase collateral requirements for new Loans; or (c) assess an origination fee for new Loans. PART FIVE DEFERRED PAYMENT LOANS 26. In the event Authority requests Bank to make a Loan, the terms of which are other than as provided in Parts Three and Four, Bank shall comply with Authority'.~ request. In that case, after Bank has ob- tained Applicant's note on terms Authority has requested for the Loan, Bank shall, promptly after completion of the respective rehabilitation work, assign the Loan to Authority according to the same procedure, and for the same price, as would be applicable under paragraphs 15 and 17 15 .'L , \. (Part Three) in the case of the assignment following default of lateralized Loan for which the deposit to the Collateralized Loan Account under paragraph 11 was 100%. Promptly after the assignment, Authority shall pay to Bank a fee to cover its internal administrative and out-of- pocket expenses, as specified by Bank, but in no event less than THIRTY- SEVEN DOLLARS AND 50/100 ($37.50) nor more than SEVENTY-FIVE DOLLARS ($75.00) for each Loan so made. pense and shall not be recovered from Applicant. a Col- Such fee shall be Authority's sole ex- 27. Prior to the making of the first Deferred Payment Loan, Authority shall furnish to Bank an opinion of its legal counsel: (a) stating that Authority has established rates and terms for its Deferred Payment Loan Program note; (b) designating whether any Deferred Payment Loan fee is a "charge to be financed'' or a "prepaid finance charge" under Regulation Z; and (c) that Authority has delivered this information and its note to Bank's Carlsbad-El Camino Real Branch. PART SIX GENERAL PROVISIONS 28. On Authority'.s request, Bank shall, for its customary fees therefore, accept for collection purposes, pursuant to Bank's then cur- rent installment procedures, a Program Loan that has been transferred to Authority. 29. On Authority's request, Bank shall, for its customary fees, provide foreclosure services with respect to a defaulted Program Loan 16 .. 'I , that has been transferred to Authority, in which case Bank shall be sub- stituted for continental Auxilary Company/Authority as trustee under the applicable deed of trust. 30. (a) This Agreement shall expire 1 November 1982. This Agreement may be terminated or amended through mutual acceptance by either of the parties hereto at six (6) month intervals from 1 November 1981 provided written notice of intent to amend or ter- minate is given to the other party at least fifteen (15) days prior to the amendment or termination date. (b) Any termination of this Agreement shall not affect program Loans outstanding at the time of termination. (c) At termination, Bank shall retain the Collateral- ized Loan Accounts and shall remit monthly to Authority the amount by which the Collateralized Loan Accounts exceed the paragraph 11 (Part Three) and paragraph 19 (Part Four) percentages of the unpaid balances of Coll ateral ized Loans. 31. Bank covenants and agrees that nothing in this Agreement or any agreement made pursuant hereto shall be deemed or construed by Bank to make Authority a surety or guarantor of any Loan, and that Bank's rights with respect to a Collateralized Loan shall be limited to those set forth in Part Three and Part Four hereof. 32. Authority and Bank shall comply with all applicable stat- utes and regulations, including without limitation, where applicable, the Federal Truth in Lending Act and Regulation Z thereto, the Consumer 17 Credit Reporting Act, and the Equal Credit Opportunity Act and Regula- tion B thereto. 33. Except as specifically required by this Agreement, Author- ity waives any right it may have to require Bank to: (a) (b) the relevant Loan; or (c) proceed against any Applicant or other person; proceed against or exhaust any collateral for pursue any other remedy in Bank's power; and waives any defense arising by reason of any disability or other de- fense of Applicant or any other person, or by reason of the cessation from any cause whatsoever, other than full payment, of the liability of an Applicant or any other person. 34. Bank and Authority acknowledge the "Special Purpose" na- ture of the Program and Program Loans. To serve this "Special Purpose," a Loan shall be considered in default after the date of a transfer of the deed of trust property which, according to the provisions of the note, make the entire principal and interest of the note due and payable, re- gardless of Bank's ability or inability to enforce those provisions of the note. 35. Any communications between the parties hereto may be given by mailing same, postage prepaid, to Bank at its Carlsbad-El Camino Real Branch, 2550 El Camino Real, Carlsbad, California 92008, and to Author- ity at its Office of Community Development, City of Carlsbad, City Hall, 1200 Elm Avenue, Carlsbad, California 92008, or to such other addresses as either party may in writing hereafter indicate. 18 36. This Agreement and any agreement, document, or instrument attached hereto or referred to herein integrate all terms and conditions mentioned herein or incidental hereto, and supersede all oral negotia- tions and prior writing in respect to the subject matter hereof. event of any conflict between the terms, conditions, and provisions of this Agreement and any such agreement, document, or instrument, the terms, conditions, and provisions of this Agreement shall prevail. In the 37. Authority shall indemnify and hold harmless Bank against all claims and damages, alleged or otherwise, of whatsoever nature, aris- ing out of or in any way connected with the acts or omission of any con- tractor performing rehabilitation work in connection with this Agreement; provided, however, that Authority's obligations under this paragraph shall not extend to negligent or wilful acts or omissions by Bank. All contractors shall operate as independent contractors and nothing herein is intended to affect such independent contractor status. 38. Bank may, at its option, decline to make additional Loans from and after the date when the principal balance of all Loans outstand- ing has exceeded FIVE HUNDRED THOUSAND DOLLARS ($500,000.00). 39. This Agreement may be executed in as many counterparts as may be deemed convenient, each of which, when executed, shall be deemed an original. 40. The operating aspects of this Agreement, including but not limited to target area boundaries, may be altered from time to time through a letter of understanding, accepted mutually by Authority's Dir- ector of Community Development and Bank's City Improvement and Restora- tion Program (CIRP) Department, Oakland, California. 19 IN WITNESS WHEREOF, this Agreement is executed by Authority acting by and through its pursuant to Resolution No. and by Bank. Y authorizing such execution , Dated this day of Y 19 -0 BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION CITY OF CARLSBAD BY E. Anderson BY Title Title Vice-President/Statewide Head City Improvement and Restora- tion Program 20