HomeMy WebLinkAbout1986-05-06; City Council; 8610; Bank of America Rehabilitation Loan Programr ..- I
CI~OF CARLSBAD - AGENOIJBILL
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AB# % 10 DEPT. HE TITLE: AGREEMENT WITH BANK OF AMERICA
MTG. 5/6/86 CITY All REHABILITATION LOAN PROGRAM I DEPT. RED I IClTY MGI I I I
RECOMMENDED ACTION:
City Council authorize the Mayor to execute the agreement with
Bank of America to continue servicing the Residential/Commercial Rehabilitation Loan Program-through December 1987.
ITEM EXPLANATION
The City has had agreements with Bank of America since 1982
to service Residential and Commercial Rehabilitation Loan Progr; Maximum term for an agreement can be two years per HUD guidelint
At the expiration of each agreement, with the direction of the
City's Loan Committee, staff solicits proposals from local banks
in order to obtain the best terms. The Loan Committee has
reviewed proposals and again selected Bank of America to
continue servicing the Loan Program.
Council needs to authorize the Mayor to execute the agreement
with Bank of America which will continue through December 1987.
FISCAL IMPACT
There is no fiscal impact to the City as all monies utilized
in the Loan Program are Federal Community Development Block
Grant funds.
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EXHIBITS
1 - Resolution NO. S537
2 - Loan status dated March 31, 1986
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RESOLUTION NO. 8539
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA APPROVING AN AGREEMENT
AMERICA FOR SERVICING THE CITY'S LOAN PROGRAM
BETWEEN' THE CITY OF CARLSBAD AND THE BANK OF
WHEREAS, the City Council of the City of Carlsbad,
California does hereby resolve as follows:
(1) That an agreement between the City of Carlsbad and Bank
of America for servicing the City's Loan Program, a cop of which is attached hereto as Exhibit A and made a par
hereof, is hereby approved.
(2) That the Mayor of the City of Carlsbad is hereby author to execute said agreement on behalf of the City of Carl
PASSED APPROVED AND ADOPTED at a regular meeting of the
City .Council of'the City of Carlsbad, California, held on the
day of May, 1986, by the following vote, to wit:
AYES: Council Members Casler, Lewis, Kulchin, Chick and Pettine
NOES: None
ABSENT : None
ABSTAIN : None Lddf J@i.+&&
ATTEST : ASLER, Mayor
1 ALETHA L. RAUTENKRANZ, City C#rk
(SEAL)
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COMMERCIAL AND RESIDENTIAL PROPERTY RtHABILmON LOAN AGREEMENT COMPRL~IY~ I-ORM
1980 I-urn ING -
THIS AGREEMENT is made by the CITY OF CARLSBAD, a municipal
corporation in the State of California (herein called "Authority"), and BANK
OF AKERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, a national banking
association (herein call ed "Bank").
RECITALS
A. Authority has authorized a Housing Preservation Program a's part
of an adopted Cmunity Development Block Grant Program (as may be amended and
modified from time to time) hereinafter collectively called "Program".
B. As part of Authority's implementation of Program, ,Authority has
requested Bank to make below-market interest rate property rehabilitation
loans ("Loans" or "Program Loans") to certain owners of residential real
property within Authority and approved by Authority as recipients of Loans
("Appl icants"). The purpose of the Loans would be the rehabil itatfon of said
real property in accordance with Program. In addition, Authority has
requested a choice of several types of Loans to Applicants.
C. To support these objectives.; and based on an fnitfal deposit of
Cmunity Development Block Grant funds, Bank is willing to provfde Authortty
and Applicants with Colt ateral ired Loans (Part Three), Deferred Payment !-oans
(Part Four), and other services at rates and terms not available to the
I' general public or to Authority independent of this Agreement.
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D. The terms and conditions of this agreement are subject to the
provisions governing 1 ump-sum drawdowns for property rehavilitation of the HCD
regulations on Comnunity Development Block Grants contained ;in Title 25,
Administrative Code ;Section 7124, and/or Section 570.513 of the HUD
regulations on Cmunity Development Block Grants, 24 CFR Part 570.
NOW, THEREFORE, for and in consideration of the foregoing and the
mutual agreements made herein, and for other good and valuable consideration,
Authority and Bank agree as fo11 ows:
, PART ONE
DEPOSIT OF COMMUNITY DEVELOPMENT ~~ ~
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BLOCK GRANT FUNDS
1. Authority shall deposit up to $300,000 of Comunity Development
B1 ock Grant rehabil itation funds available to Authority under the Housing and
Comunity Development Acts of 1974 and 1977, as amended, as part of this
Agreement.
2. Authority's deposits of Cmuni ty Development Block Grant funds
may be made in any of the following forms:
(a) A deposit to the Warehouse kcount, the funds in which are
unallocated to .Loans.
(b) A deposit to Collateralfzed Loan Account(s) which are
nonlnterest-bearing savings accounts which subsidize Loans and are pledged as
Loan collateral, with the exception of collateral ired account for 12%
comnercial loans hi ch accrue at 5.25%.
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Q 0 (c) The purchase from Bank of time certificate(s1 of deposit
from which all proceeds are allocated to future Program Loans. Bank will pay,
at Authority's election, the highest interest rate permitted by law on all
accounts described above. If legal interest rate limitations are removed,
Bank will pay its highest rate offered to the pub1 ic.
3. Authority re1 i nqui shes the use of and control over accounts
described in paragraph 21 b 1. These accounts will be used only for the Loan
purposes described in this Agreement.
4. Authority retains full accessibility to all deposits which are
unallocated to existing Program Loans.
5. Authority agrees all interest earnings will be paid to the
Warehouse Account and will be used in accordance with Community Development
Block Grant regul.ations contained in 24 CFR 570.513(c).
PART THO
APPLICATION PROCEDURES
6. At the request of Authority, Bank, through its Carlsbad-El Camino
Real Branch, shall consider making loans to qualified Applicants directed to
Bank by Authority. Bank shall notify the respective Applicantfs) in writing
of any such request it receives from Authority. The notification shall
contain the following statement: "The City of Carlsbad has requested the
Carlsbad-El Camino Real Branch of Bank of Pmerica National Trust and Savings
. 'Association, 2550 E1"Carnino Real, Carlsbad, California 92008, to consider
making a speci fic extension of credit to you."
A qualified Applicant shall be fdentified by Authority or its
agents, using Authority's established standards, which must consider, without
1 imi tat1 on:
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., 0 e .. (a) Applicant is "the owner of record" o.f the property subject
to rehabil i tation.
(bj Authority has verifiable income(s) which can be used to
repay the proposed Loan..
(c) Authority has determined that the proposed Loan, given
Program options available, will best serve the rehabilitation needs of
Applicant and the Program objectives.
(d) In addition, each Cmercial Improvement Rehabil itation 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 9 Bank, with respect to each 1 oan
application:
(a) an introductory letter stating that Authority desires Bank
to consider making a Loan to Applicant;
(b) a breakdown of the costs involved in the rehabilitation work
to be performed on Applicant's real property; . ,
(c) a description of the work;
(d) an estimate of the value of the real property offered as
security for the Loan;
(e) a copy of any contractor bid accepted by Applicant; and
(f) a statement including the name of the contractor who will
perform the rehabilitation work, and u statement that Authority has satisfied
itself with respect to the competence and re1 iabil i ty of the particular
contractor; and
(g) for each Comnercial Improvement Rehabilitation Loan, Bank
shall reqube from Applicant:
(1 ) 2-year business income statements supported by IRS __ i
income tax filings; -e
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(2) a copy of the existing lease, if Applicant is a
property tenant;
(3) Appl icant's personal financial statement;
(4) A policy of Creditor Life Insurance, in a form
acceptable to Bank. The policy remains outstanding, in an amount at least
equal to the amount outstanding under the Loan to Applicant, with Bank named.
as beneficiary. Upon Authority's request, said insurance shall be prepaid
from Loan proceeds and said amount added to the principal amount of the Loan.
At Bank's request, each 'Apppl icant shall also be required to maintain a
standard policy of hazard insurance covering the real property 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 defaul ted
Loans, Authority agrees to guarantee unpaid premiums in accordance with the
provisions of paragraph 15 bel ow.
(h) Release of information form.
8. Bank shall perform its customary credit evaluation with respect
to the App? icant, render its judgment with respect to the creditworthiness of
the Applicant, and recommend appropriate Loan terms.
9. Upon compl etlon of its credit evaluation, Bank shall furnfsh to
Authority a recommendation to proceed with the Loan or not, including:
(a) a recommendation as to use of either a Collateral ized, or
~ Deferred Payment Loan, or some combination thereof; and
(b) an indication which of the following Loans (for which Bank
assumes part ot the credit risk, as indicated parenthetically below) Bank is
will ing to make to Appl icant:
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_. (1 ) for residential property improvement Loans:
(i) 3.00% Collateralized Loan (0% credit risk);
(ii) 6.25% Collateralized Loan (30% credit risk);
(iii) 8.50% Collateralized Loan (50% credit risk);
(iiii) 10.75% Collateralized Loan (70% credit risk).
(2) for commercial property improvement Loans;
(i) 6.00% Collateralized Loan (0% credit risk);
(ii) 10.00% Collateralized Loan (60% credit risk).
10. After having determined the exact nature and scope of the
rehabil itation work to be performed on Appl icant 's real property, Authority
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 11 (a) (100% collateral ized) or paragraph 19 (Deferred
Payment Loan).
PART THREE
COLLAWLOANS
11. Each Collateral ized Loan shall be supported by a
noninterest-bearing deposit made by Authority to a Collateralized Loan
Account, an account which shall at all times be, at least equal to:
(a) 100% of unpaid principal for each 3.00% residential or 6.00%
comnercial Loan for which Bank has not designated the Applicant (pursuant to
paragraph 9(b) ) as a party 'to whom Bank is will ing to make a (partially)
Coli ateral f zed Loan; .-
(bj 70% of unpaid principal for each residential 6.25% Loan;
(c) 50% of unpaid principal for each residential 8.50% Loan;
(d) 30% of unpaid principal for each residential 10.75% Loan;
(e) 40% of unpaid principal for each comnercial 10.00% Loan;
plus, in each case, 100% of accrued unpaid interest. Authority hereby assigns
the Collateral ked Loan Account to secure the Collateral ized Loans.
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.. 12. (a) Unless Authority requests one note only, each
Collateralized Loan shall be evidenced by two notes, effective in succession,
as provided herein.
(b) The note first effective shall be a short-term commercial
note, the term of which shall coincide approximately with the rehabilitation
period (a1 though a17' 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,
a1 though 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 certified to Bank by
Authority. Interest shall accrue only on the disbursed portion of the Loan.
- (c) Promptly after Bank's disbursement of the final draw under
the short-term comnercial note, that note shall be refinanced by an
installment note, as provided for at subparagraph (dl below or, a1 ternatively,
as provided in Part Four (Deferred Payment Loans). At the time the short-term
commercial note is refinanced by the installment note, Applicant may either
pay Bank the accrued- interest on the short-term comercial note or may have it
added to the principal of the installment note.
(d) The tern of the installment note shall be determined by Bank
for the Loan tn question but:
(i ) may not exceed fifteen (15) years for residential ;
.. . (i i ) may not exceed ten (10) years for commercial
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rehabilitation.
. The installment note shall be amortized in equal monthly installments over its
term. Interest will be calculated on a simple interest basis for each
installment note.
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.. , 13. Uith respect to Collateral {zed Loans:
(a) On both the short-term comercial note and the installmnt
note, interest and other finance charges shall be such as to bear the interest
rates described in paragraph 11 , which shall be calculated on a simple
interest basis.
(b) The loan shall be documented using Bank's standard fo'rms.
(c) Both the short-term commerci a1 note and the installment note
shall, at Bank's or Authority's option, be secured by a deed of trust covering
the real property that is subject of the rehabil i tation 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 paragraph 11,
when the commercial note and deed of trust are signed by Applicant and when
interest on a short-term comercial note becomes added to the principal of a .
subsequent fnstallmnt note. 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 Coll atereal ized Loan Account exceeds the paragraph 11
'percentages of the unpaid balances of Collateral ized Loans. Funds that 9ank
thus remfts to Authority shall be deemed funds that Authority deposited at
least 180 days before.
. 15. If a Collateralized Loan remains in default for a continuous
period of ninety (90) days on account of nonpayment of any sum of money due
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.-. pursuant to the terms thereof or of any i.nstrum&' or document related -.
thereto, Bank may withdraw from the Collateralfted Loan kcount, and pay to
. itself, an amount equal to the then outstandf ng prfncipal balance of the Loan
mu1 tf pl fed by the same percentage as the percentage of the Loan \amount that
was deposited to the Collateralized Loan Account pursuant to paragraph 11 s
plus 100% of accrued unpaid interest on the Loan through the 90th day of
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default. Bank shall have no recourse against Authority or the Collateral ized
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 col lectf on procedures with respect to the Loan.
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 1 ess 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 rfghts
under the deed of trust to recover the remafning outstanding unpaid principal
of the Loan plus accrued unpaid interest thereon 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 Collateral ized Loan Account in connection with any Loan default.
Authority agrees to recoup funds, as much as possfble, for the benefit of Bank
as well as i tsel f. Funds recov.ered shall be credited as follows:
(1 ) to withdrawals from the Collateral ized Loan Account;
(2) to the costs of recovery;
(3) to Bank's Loan charge-off .
(c) If Bank subsequently recovers funds with respect to a
defaulted Loan (as, for example, but without 1 imitation, f f a vol untary sa1.e
of the property takes place), Bank shall, after deducting the previously
unreimbursed percentage of Loan 1 oss to which Bank is entitled, plus Bank's
cost of recovery, return and pay over to Authority all amounts in excess
thereof.
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17. After a wi thdrawal from the Col 1 ateral ized Loan Account under
paragraph 15 above, in the case of a Loan for which the deposit to the
Collateral ized Loan Account under paragraph 11 was 100% of the Loan amount,
Bank shall assign the Loan to Authority, the assignment to be accompl ished by:
(a) the due endorsement by Bank to Authority of the promissory
note evidencing the loan, without recourse or warranty; and
(b) the del ivery of the promissory note and the assignment 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, which provides Authority
favorable rates and terms, based on this average loan size. Since operating
costs associated with smaller average loan size are significantly greater,
Authority's Collateral ized Loans will be analyzed every 780 days from contract
approval. If average $10,000 Loan amounts are not maintained, Bank may make
adjustments affecting the pricing of future activity as follows:
(a) increase borrower interest rates for new Loans;
(b) increase coll.atera1 requirements for new Loans; or
(c) assess an origination fee for new Loans.
These options are negotiated and mutually accepted by Bank and Authority.
19. The Bank's total commitment for loans to be made under this
program is 1 imi ted to $526,000. In addition, Bank agrees to make up to
$2,000,000 in loans tb qualified businesses using the various Small Business
Administratfon programs which relate to, and are supportive of the Authority's
goals and objectives in which the 6ank is participating at the time of
appl fcation. These include, prharily, the SBA Section 503 program provided
by the Local Development Corporation of San Diego County up to any ~~ount
Iimftatlons on each transaction; the regular SBA 7 (a) program up to $550,000
per loan and Bank of America's Preferred Lender's Program (PLP) Up to $650,0w -1 0- ... - "~--"---~.c~"-~~~=.."~".~"~<,~~, "
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per loan or, any combination of these programs which, in the Bank's judgement
are appropriate and best suit the requirements of the applicant, the Authority
and the Bank.
PART FOUR DEFERR- LOANS
20. In the event Authorfty requests Bank to make a Loan, the terms
of which are other than as provided in Parts Three and Four above, Bank shall
comply with Authority's request. In that case, after Bank has obtained
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 appl icable under paragraphs 15 through 17 (Part Three) in the case of
the assignment following default of a Collateralized Loan for which the
deposit to the Collateral ized 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 AND SO/lOO DOLLARS ($37.50) nor more than
ONE HUNDRED DOLLARS ($1 00.00) for each Loan so. made. Such fee shall be at
Applicant's sole expense and shall not be recovered from Applicant(s).
21. Prior to the makfng of the first Deferred Payment Loan,
Authority shall furnf sh Bank an opinion of its legal counsel :
(a) slxting that Authority has establised rates and terms for ... . ..
its Deferred Payment Loan Program note; ..
(b) designatfng whether.any Deferred Payment Loan fee is a
"charge to be financed" or a "prepajd finance charge" under Regulation 2; and
(c) that Authority has delfvered this information and note to
Bank's Carl sbad-El Camino Real. Branch; .-
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PART FI YE
GENERAL PROVISIONS
22. On Authority's request, Bank shall, for its customary fees
therefor, accept for collection purposes, pursuant to Bank's then current
installment collection procedures, a Program Loan that has been transferred to
Authority.
23. On Authority's request, Bank shall, for its customary fee
therefor, provide foreclosure services with respect to a defaulted Program
Loan that has been transferred to Authority, in which case Bank shall be
substituted for Continental Auxiliary Company/Authority as trustee under
appl icab'le deed of trust.
24. (a) The term of this Agreement shall mature on December 15,
1987. This Agreement may be terminated or amended by either of the parties
hereto at six (6) month intervals from June 15, 1986, provided..written notice
of intent is given to the other party at least fifteen (15) days prior to the
termi nation
date.
(b) Any termination of the Agreement shall not affect Program
Loans outstanding at the time of termination.
(c) At termf nation, Bank shall retain the Collateral ized Loan
Account and shall remit monthly to Authorfty the amount by which the
Collateral ized Loan Account exceeds the paragraph 11 percentages of the unpaid
bal ances of Coll ateral ized Loans.
25. Bank covenants and agrees that nothing fn this Agreement or any
agreement made pursuant hereto shall be deemed or construed by Bank to make
Authorfty a surety or guarantor of any Loan, and that Bank's rights with
respect to a Collateral ized Loan shall be 1 inti ted to those set forth at
paragraphs 15 through 1.7 hereof.
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26. Authority and Bank shall comply with all appl icable statutes and
regulations, includfng without limitation, where applicable, the Federal Truth
in Lending Act and Regulation Z thereto, the Consumer Credit Reporting Act,
and the Equal Credit Opportunity Act and Regulation B thereto.
27. Except as specifically required by this Agreement, Authority
waives any right it may have to require Bank to:
(a) proceed agai.nst any Applicant or other person;
(b) proceed against or exhaust any collateral for the relevant
Loan; or
(c) pursue any other remedy in Bank's power;
and waives any defense arising by reason of any disability or other defense 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.
28. Sank and Authority acknowledge the "Special Purpose" nature of
the Program and Program Loans. To serve this "Special Purpose'', a Loan, shall
. be considered in default after ;he date of a transfer of the deed of trust
property which, according to the provisions of the note, make the entire
princlpal and interest of the note due and payable, regardless of Sank's
ability or fnability to enforce those provisions of the note.
29.. Any comnunications between the parties hereto may be given by ..
. mailfng the same, postage pregaid, to Bank at its Carlsbad-El Camino Real
Branch, 2550 El Camino Real ; Carlsbad; Cal ifornfa 92008, and to Authority at
. its City Hal 1 , 1200 Elm Avenue, Carlsbad, California 92008, or to such other
addresses as either party may in wrfting hereafter indicate.
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30. 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 negotiations and
prior writings in respect to the subject matter hereof. In the 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 shall prevail.
31. Authority shall indemnify and hold harmless Bank against all
claims and damages, alleged or otherwise, of whatsoever nature arising out of
or in any way connected with the acts or missions of any contractor
performing rehabilitation work in connection with this Agreement; provided,
however, that Authority's obligations under this paragraph shall not extend to
negligent or willful acts or omissions by Bank. All contractors shall operate
as independent contractqrs and nothing herein is intended to affect such
independent contractor status.
32. Bank may, at its option, decl ine to make additional Loans from
and after the date when the principal balance of all Loans outstanding has
exceeded S IX HUNDRED THOUSAND AND N0/100 DOLLARS ($600,000.00).
33. This Agreement may be executed in as many counterparts as may be
deemed convenient, each of which, when executed, shall be deemed an original.
34. The operating aspects of thfs Agreement, including but not
1 Imited to target area boundarfes, may be altered from time to time through a
letter of understanding, accepted mutually by Authority's City Manager and
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IN WITNESS NHEREOF, this Agreement is executed by Authori
acting by and through its pursuant
Resolution No. authorizing such execution, and by Bank.
Dated this day of , 7986.
BANK OF AMERICA NATIONAL TRUST AND SAVINGS A
By+, J- L BY c
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. E. Garner
Title Title Assistant Vice President Community Development Dept
APPROVEO AS TO FORM: - Attached is a true and correct I., i copy of the original Resolution
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0008
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IN WITNESS WHEREOF, this Agreement is executed by Author*
acting by ' and through its City Council pursuant
Resolution No. a539 authorizing such execution, and by Bank
Dated this /dz?5 day of &'&/ , 1986.
/
THE CITY OF CARLSBAD, BANK OF AMERICA IONAL TRUST
A Municipal Corporation AND SAVING C TION 9 -L%f s/ PA BY MARY H. CPLER
Title Mayor Title Assistant Vice President
Community Development Dep
APPROVED AS TO FORM:- Attached is a true and correct copy of the original Resolution
& /Rh tity Clerk
0008
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