CC Resolution 11211RESOLUTION NO.: ~ ~ ~> >
A JOINT RESOLUTION OF THE CITY OF CAMPBELL CITY COUNCIL AND
REDEVELOPMENT AGENCY BOARD
AUTHORIZING THE WRITE-OFF OF UNCOLLECTIBLE DEBTS
WHEREAS; The City and Redevelopment Agency engage in community loan
programs to assist low and moderate income persons to acquire and maintain
decent and safe housing and;
WHEREAS; Due to unprecedented economic times, two loans went into
default whereby the City and Agency were unable to recover all of its loan proceeds;
and
WHEREAS; the City and Redevelopment Agency exhausted all remedies in
recovering the balance of the loans.
NOW, THEREFORE, BE IT RESOLVED, that the City of Campbell City
Council authorizes the write off of the balance of a rehabilitation loan in the amount
of $14,239 made for 126 Timber Cove and the Redevelopment Agency Board
authorizes the write-off of the balance of a First Time Homebuyer Loan made on 578
Latimer Avenue in the amount of $22,000.
PASSED AND ADOPTED the 3rd day of August, 2010 by the following roll call
vote:
AYES: Council/Agency Board Members Kotowski, Kennedy, Furtado, Baker, Low
NOES: Council/Agency Board Members None
ABSENT: Council/Agency Board Members None
APPROVED:
Evan D. Low, Mayor/Agency Chair
ATTEST:
Anne Bybee, City lerk/Agency Secretary