CC Resolution 11471RESOLUTION NO. 1147 t
A RESOLUTION OF THE CITY OF CAMPBELL CITY COUNCIL, SERVIING AS THE
SUCCESSOR AGENCY FOR THE REDEVELOPMENT AGENCY AUTHORIZING
THE WRITE-OFF OF UNCOLLECTIBLE DEBTS
WHEREAS, the Successor Agency is obligated by the legislative requirements under
ABx1 26, the State's Dissolution Act of Redevelopment Agencies to oversee matters
pertaining to the former Redevelopment Agency; and
WHEREAS, the former Campbell Redevelopment Agency engaged in a first time
homebuyer loan program to assist low and moderate income persons to purchase their
first home; and
WHEREAS; due to unprecedented economic times, one loan went into default whereby
the Agency was unable to recover all of its loan proceeds; and
WHEREAS, the City of Campbell exhausted all remedies in recovering the balance of
the loans.
NOW, THEREFORE, BE IT RESOLVED that the City of Campbell City Council serving
as the Successor Agency authorizes the write off of the balance of the first time
homebuyer loan in the amount of $40,000 made on 314 N. Third Street, #3.
PASSED AND ADOPTED this 16th day of October, 2012, by the following roll call vote:
AYES: Cristina, Baker, Waterman, Low, Kotowski
NOES: None
ABSENT: None
ABSTAIN: None
rd~ /
APPRO~~ f ~r~~~/~ ' '
Michael F. Kotowski, Mayor
ATTEST: ~J ~ ~~:..-k
.~ Anne ee, City Clerk