HomeMy WebLinkAboutResolution 2682 Designating CDBG Loan Review Commiss. to review subord. agreement: 10-26-87
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RESOLUTION NO. 2682
A RESOLUTION OF THE BOZE~ffiN CITY COMMISSION DESIGNATING
THE COMMUNITY DEVELOPMENT BLOCK GRANT LOAN REVIEW
COMMITTEE AS REVIEWING BODY FOR SUBORDINATION REQUESTS
AND AUTHORIZING THE MAYOR OR THE CITY MANAGER TO
EXECUTE SUBORDINATION AGREEMENTS.
WHEREAS, the Community Development Block Grant Program
(CDBG) has been overseen by the CDBG Loan Review Committee; and
WHEREAS, the CDBG Loan Review Committee has authorized the
distribution of funds pursuant thereto to qualifying borrowers
for the purposes of rehabilitation of rental units and for
rehabilitation of single-family/owner-occupied residences; and
WHEREAS, the qualifying borrowers have executed Trust
Indentures giving the City of Bozeman a security interest in the
real property benefited by the receipt of the CDBG funds; and
WHEREAS, several of the qualifying borrowers have sought,
are now seeking, or in the future may seek refinancing through
various lending institutions; and
WHEREAS, the lending institutions, in order to refinance the
qualified borrowers, require the City of Bozeman and other lien
holders to subordinate their interests to that of the lending
institutions; and
WHEREAS, the CDBG Loan Review Committee has been involved
with the qualified borrowers and their respective projects; and
WHEREAS, the Bozeman City Commission feels that the
knowledge of the CDBG Loan Review Committee would be beneficial
in processing requests for subordination of the City of Bozeman's
interest in said properties; and
WHEREAS, ~7-3-4368 Montana Code Annotated (MCA) designates
the Mayor of the City of Bozeman to execute conveyances on behalf
of the City or the City Manager upon designation by the majority
vote of the City Commission;
NOW, THEREFORE, BE IT RESOLVED by the City Commission of
Bozeman, Montana, that the Community Development Block Grant Loan
Review Committee be and is hereby designated by the Bozeman City
Commission as the reviewing body for approval or denial of
requests for subordination of the City of Bozeman's interest in
properties benefited by the CDBG program.
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BE IT FURTHER RESOLVED by the Bozeman City Commission that
the Mayor of Bozeman or the City Manager, in the absence of the
Mayor or his inability to act, are hereby authorized to execute
the required documents necessary to subordinate the City of
Bozeman's interest in these properties which have been approved
by the Community Development Block Grant Loan Review Committee.
Dated this 26th day of October , 1987.
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JUD TH A. MATHRE, Mayor
ATTEST:
C?~ d~~.
Robin L. Sullivan
Clerk of the Commission
APPROVED AS TO FORM:
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City Attorney
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