HomeMy WebLinkAboutReso 184-06 First Time Home Buyer
RESOLUTION NO. 184 - 06
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
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AUTHORIZING THE CITY MANAGER TO APPROVE FINAL FORM OF LOAN
AGREEMENTS, DEEDS OF TRUST AND PROMISSORY NOTES FOR THE FffiST TIME
HOMEBUYER LOAN PROGRAM AND AUTHORIZING THE CITY MANAGER TO
EXECUTE SUCH LOAN DOCUMENTS ON BEHALF OF THE CITY
WHEREAS, the City Council approved a First Time Homebuyer Loan Program ("FTHLP") on
March 21,2006; and
WHEREAS, the program will make available home loans to qualified applicants; and
WHEREAS, the provision of home loans require the use of certain legal documents to document
the loan and secure the payment of the City's loan, including a loan agreement, a deed of trust, and a
promissory note ("Loan Documents"); and
WHEREAS, the City Council desires to authorize the City Manager to approve the form of such
documents and to execute such documents on behalf of the City for loans to individual buyers.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin hereby
authorizes the City Manager to approve the final form of loan agreements, promissory notes, and deeds of
trust as well as subsequent amendments to such form documents provided that the Loan Documents
approved are consistent with the City of Dublin First Time Homebuyer Loan Program adopted by
Resolution No. 31-06 or as subsequently amended.
BE IT FURTHER RESOLVED that the City Council of the City of Dublin authorizes the City
Manager, in conjunction with First Time Homebuyer loans made by the City to individual buyers pursuant
to the FTHLP, to execute the Loan Documents in substantially the form previously approved by the City
Manager.
PASSED, APPROVED, AND ADOPTED this 19th day of September 2006 by the following
votes:
AYES: Councilmembers Hildenbrand, Oravetz and Zika, and Mayor Lockhart
NOES: None
ABSENT: Councilmember McCormick
A TIEST:
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City Clerk
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ABSTAIN: None
Reso 184-06, Adopted 9/19/06, Item 7.3
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