CC Resolution 8796
Resolution No. 8796
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
APPROVING A LOAN ORIGINATION AND SERVICING AGREEMENT
WITH UNITED STATES ESCROW FOR THE CITY OF CAMPBELL'S
LOW INTEREST HOUSING IMPROVEMENT LOAN PROGRAM
WHEREAS, the City of Campbell desires to continue the services of a lender to assist in its
housing rehabilitation loan program; and
WHEREAS, the City of Campbell has been utilizing United States Escrow since 1990 to
prepare loan documents, establish escrow accounts; and collect monthly loan payments; and
WHEREAS, United States Escrow has provided very satisfactory service for the City's loan
program; and
WHEREAS, United States Escrow has a need to cover their rising service costs; and
WHEREAS, the higher fees will be amortized in with the loan applicant's loan amount and
the City will not absorb the increase.
NOW, THEREFORE, BE IT RESOLVED that the City of Campbell hereby approves said
revised agreement and authorizes the Mayor to execute the agreement on behalf of the City.
PASSED AND ADOPTED this 4th day of April, 1995 by the following roll call vote:
AYES:
Councilmembers: Watson, Dougherty, Conant, Wilkinson, Burr
NOES:
Councilmembers: None
ABSENT:
Councilmembers: None
APPROVED:
; ~LJ~~
DONALD R. BURR, MAYOR
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Anne BYbee,~