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1990-004-Authorizing The Submittal Of An Application For California Natural Disaster Assistance Program Funds And Secure A Commitment Of Funds From The California Department Of Housing And Community DevelopmentRESOLUTION 1990 - 4 RESOLUTION OF THE TOWN OF LOS GATOS AUTHORIZING THE SUBMITTAL OF AN APPLICATION FOR CALIFORNIA NATURAL DISASTER ASSISTANCE PROGRAM FUNDS AND SECURE A COMMITMENT OF FUNDS FROM THE CALIFORNIA DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT WHEREAS, Town of Los Gatos, a California municipality organized and operated under the Constitution and laws of the State of California wishes to receive a commitment of funds and participate in the California Natural Disaster Assistance Program (CALDAP) for the purpose of rehabilitating residential structures damaged or destroyed in the October 17, 1989, earthquake and subsequent aftershocks; WHEREAS, the California Department of Housing and Community Development (hereinafter referred to as the 11DEPARTMENT ") is authorized to make funds available for deferred payment loans for the purpose of financing housing rehabilitation or reconstruction, and; WHEREAS, the Town of Los Gatos wishes to obtain from the DEPARTMENT, a commitment of funds for the purpose of providing deferred payment loans to finance housing rehabilitation costs for eligible borrowers under a local housing rehabilitation program and providing for an administrative fee payable to the Local Agency for such services: NOW, THEREFORE, BE IT RESOLVED THAT the Town Council of the Town of Los Gatos hereby authorizes the Town Manager to: 1. Submit to the DEPARTMENT an application for participation in CALDAP and to request a commitment of funds for the purpose of providing deferred payment loans and related administrative fees to finance housing rehabilitation costs for eligible borrowers under the Town's HCD Program. 2. If the application is approved, the Town Manager is hereby authorized to enter into a standard agreement with the DEPARTMENT for the purposes set forth in the loan application and approved by the DEPARTMENT. She may also execute other instruments necessary or required by the DEPARTMENT for participation in CALDAP. 3. The Town Manager is further authorized to request amendments, including increases in fund commitments up to the maximum amounts approved by the DEPARTMENT and to execute any and all documents required by the DEPARTMENT to evidence and secure these amendments. 4. The Town Manager will execute in the name of the Town of Los Gatos, the loan application, the standard agreement, and other documents necessary or required by the DEPARTMENT for the participation in the CALDAP, and any amendments thereto. PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los Gatos, California, held on the 2nd day of January, 1990, by the following vote: AYES: COUNCIL MEMBERS Joanne Benjamin, Robert L. Hamilton Brent N. Ventura, Mayor Thomas J. Ferrito NAYES: COUNCIL MEMBERS NONE ABSENT: COUNCIL MEMBERS Eric D. Carlson ABSTAIN: COUNCIL MEMBERS NONE SIGNED YOR OF TH O� CLERK OF THE TOWN OF LOS GATOS j 1 _2_ A: \cnclrpts \CALDAP.res OF LOS GATOS