HomeMy WebLinkAboutResolution - City Council - 79-306 - 1979-07-17Finance
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RESOLUTION NO. 79-306
A RESOLUTION OF THE COUNCIL OF THE CITY
OF FRESNO, CALIFORNIA f ESTABLISHING A
LOAN PROGRAM FOR PERSONS SUBJECT TO
ASSESSMENTS IN ASSESSMENT DISTRICTS
WHEREAS, the Council, by Resolution No. 79-256,, adopted
the engineer's :report as modified confirming the assessment
and ordering the work in Assessment District No. 79 and
WHEREAS,the City of Fresno may, from time to time,
order ether work for local improvement pursuant to Article
18 or Article 21) of the Fresno Municipal Code and applicable
state law for which an assessment shall be imposed, hereinafter
called "improvement district"; and
WHEREAS, it is to the public benefit to create a loan
program for low --income persons within Assessment ` District
No. 79 and such other improvement districts as maybe established
from time to time, subject to the availability of funds.
NOW, THEREFORE, BE IT RESOLVED by the Council of the
f
City of Fresno as follows:
1 INTENT. It is the intent of this Resolution to
establish a revolving fund to provide financial assistance
to low-income persons subject to assessable casts` in Assessment
District 79 and such other improvement district as may be
established from time to time
2 CREATION OF IMPROVEMENT DISTRICT LOAN FUND There
is hereby crested an "Improvement District Loan Fund,"
hereinafter called "Fund.'$ The Controller: or his designated
representative is authorized to transfer funds from the Fund
in accordance with the prcvvisions of this Resolution.
3. AUTHORITY OF CONTROLLER. The: Controller may
promulgate rules and regulations with the advice and consent
of the Chief Administrative officer, Public Works Director,
Director of Housing and Community Development and the City
Attorney not inconsistent with the provisions of this Resolution
as may be amended from time to time.
4 DEFINITION OF ELIGIBLE PERSONS. For purposes o
this Revolution, "low ---income persons." shall Mean any person
having an income equal to or less than the applicable; income
limit set forth in Exhibit "A," attached hereto and incorporated
by reference herein., and who is subject to an assessment as
a property owner in Assessment District_ No. 79 or such other
improvement district as may be established from time to time.
5. TERMS AND CONDITIONS OF LOAN-. A low-income person
is eligible for a non -interest bear Ag loan in an amount
equal to or less than the cost of his assessment subject to
the following terns and conditions
a. Funds are available in the Fund to make the
loam
b. Such person executes an ,Agreement and Lien in
a form approved by the city Attorney providing for repay-
ment of the loan upon transfer of the property subject
to the assessment, transfer of.the loan amount directly
to payment of the assessment, and imposition of a lien
on such property to secure repayment of the loan; and
c. :Such other terms and conditions as the Controller
deems proper.
6 EXECUTION OF DOCUMENTS. The Director of Housing and
Community Development or his designated representative is
authorized to execute the Agreement and Lien and .other appro-
priate documents on behalf of the City.
7. REVOLVING FUND. All monies received by the City as
repayment of any loan made pursuant to this Resolution shall;
be returned to the Fund.
8. EFFECTIVE DATE. This Resolution shall become effective
immediately upon its adoption.
DI/zd
7-13-7
APPWVXO AS TO rM*
-2-
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EXHIBIT A
Based `,on
:SMSA s current median income of $14, 200 and
the size
of the family, the following income
limits. are
computed
for tow income qualification:
FAMILY' SIZE INCOME
1 $4, 970
t
2$5, 680
4 �7t lO0
`
5 $7,670
�8, 24t}
$8, 800
EXAMPLE.
A family with four members will be
eligible
as .ow -income and qualify to apply
for the
program only when its total income
is equal
to or less than $7,100 Baer year.