RES 07143 - Laserfiche WebLink

RESOLUTION NO. 07-143 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PLEASANTON INITIATING BANKING SERVICES WITH FREMONT BANK TO ADMINISTER THE HOUSING DIVISION SECOND MORTGAGE LOAN PROGRAM WHEREAS, since 2001, the City of Pleasanton has provided individual second mortgage loans to approximately 40 eligible borrowers who have purchased below-market priced homes through the Pleasanton Homeownership Assistance Program (PHAP); and WHEREAS, the loans have been funded through the City's Lower Income Housing Fund (LIRE) and administered by the City's Housing Division and Finance Department; and WHEREAS, as more loans reach the end of the five-year deferral period for payments, staff has contracted with Fremont Bank to take over the monthly loan servicing and payment processing; and WHEREAS, in order to facilitate the collection process the City is required to establish a bank account with Fremont Bank (Koll Center Parkway branch) for the deposit of monthly loan payments. NOW, THEREFORE BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF PLEASANTON DOES RESOLVE, DECLARE, DETERMINE AND ORDER THE FOLLOWING: Section 1: Approve the establishment of a bank account with Fremont Bank (Koll Center Parkway branch) to facilitate the monthly loan servicing and payment processing. Section 2: City Clerk shall certify to the passage of this resolution and enter it into the book of original resolutions. PASSED, APPROVED AND ADOPTED by the City Council of the City of Pleasanton at a regular meeting held on July 17, 2007. I, Karen Diaz, City Clerk of the City of Pleasanton, California, certify that the foregoing resolution was adopted by the City Council at a regular meeting held on the 17"' day of July, 2007, by the following vote: Ayes: Noes: Absent: Abstain: Councilmembers Cook-Kallio, McGovern, None Councilmember Sullivan Thorne, Mayor Hosterman Karen Diaz, City lark ~~R~OV~,EpD A~S~TOpFOR p ~%U[ ~ Ui~ ~C(iC Michael H. Roush, City Attorney