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RESOLUTION NO. <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON <br />INITIATING BANKING SERVICES WITH FREMONT BANK TO ADMINISTER THE <br />HOUSING DIVISION SECOND MORTGAGE LOAN PROGRAM <br />WHEREAS, since 2001, the City of Pleasanton has provided individual second <br />mortgage loans to approximately 40 eligible borrowers who have purchased below-market <br />priced homes through the Pleasanton Homeownership Assistance Program (PHAP); and <br />WHEREAS, the loans have been funded through the City's Lower Income Housing Fund <br />(LIRE) and administered by the City's Housing Division and Finance Department; and <br />WHEREAS, as more loans reach the end of the five-year deferral period for payments, <br />staff has contracted with Fremont Bank to take over the monthly loan servicing and payment <br />processing; and <br />WHEREAS, in order to facilitate the collection process the City is required to establish a <br />bank account with Fremont Bank (Koll Center Parkway branch) for the deposit of monthly loan <br />payments. <br />NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF <br />PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: <br />Section 1: Approve the establishment of a bank account with Fremont Bank (Koll Center <br />Parkway branch) to facilitate the monthly loan servicing and payment processing. <br />Section 2: City Clerk shall certify to the passage of this resolution and enter it into the book of <br />original resolutions. <br />PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at <br />a regular meeting held on <br />I, Karen Diaz, City Clerk of the City of Pleasanton, California, certify that the foregoing <br />resolution was adopted by the City Council at a regular meeting held on the , by the following <br />vote: <br />Ayes: <br />Noes: <br />Absent: <br />Abstain: <br />Karen Diaz, City Clerk <br />APPROVED AS TO FORM: <br />Michael H. Roush, City Attorney <br />