HomeMy WebLinkAboutCC RESO 2008-165RESOLUTION NO. 2008 — 165
RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF NATIONAL CITY RECOGNIZING
APPROXIMATELY $1.4 MILLION IN HOME PROGRAM
INCOME, AUTHORIZING PAYMENT OF THE ACCRUED INTEREST
TO THE UNITED STATES TREASURY DEPARTMENT, AND
AUTHORIZING THE FINANCE DIRECTOR TO TAKE THE
NECESSARY ACTIONS TO INITIATE THE PUBLIC PARTICIPATION
PROCESS FOR THE REMAINING BALANCE OF FUNDS
WHEREAS, the First Time Homebuyer Program ("Program"), funded by HOME,
has been administered by the Community Development Commission of the City of National City
("CDC") since the early 1990's; and
WHEREAS, with the consolidation of CDC and City operations, a review of the
Program was conducted, and approximately $1.4 Million in program income has been identified;
and
WHEREAS, the City has been advised by the U.S. Department of Housing and
Urban Development (HUD) to calculate the accrued interest on the $1.4 Million, and remit
payment to the U.S. Treasury Department.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby recognizes the $1.4 Million in First Time Homebuyer Program income, and
authorizes payment of the accrued interest to the U.S. Treasury Department.
BE IT FURTHER RESOLVED that the City Council hereby authorizes the City
Manager or his designee to initiate the Public Participation Process for the remaining balance of
HOME funds.
PASSED and ADOPTED this 19th day of August,
on ornson,
ATTEST:
M , ity Clerk
is ael R. Dalla
APPROVED AS TO FORM:
George H. Eiser, III
City Attorney
Passed and adopted by the Council of the City of National City, California, on August
19, 2008 by the following vote, to -wit:
Ayes: Councilmembers Morrison, Natividad, Parra, Ungab, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
/1
djiiii
City CI rk of the City of NCity, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2008-165 of the City of National City, California, passed and
adopted by the Council of said City on August 19, 2008.
City Clerk of the City of National City, California
By:
Deputy