91-19
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form as set forth in Exhibit A to this resolution, not to exceed a total
commitment of $2,500,000.00 for the program.
Section 3. Funds used to purchase "Challenge 2000" loans as may be
required due to default shall come solely and exclusively from legally available
infill housing program funds, including Community Development Block Grant (CDBG)
funds if permitted under applicable CDBG regulations. Neither this resolution
nor any letter of guarantee shall be construed as obligating the City of
Clearwater to make any appropriation of any kind or pledge any form of taxation,
directly or indirectly, or contingently, to meet or support the financial
obligations which may be incurred under a guarantee or pledge to purchase any
"Challenge 2000" loan.
Section 4. This resolution shall take effect immediately upon adoption.
PASSED AND ADOPTED this
16th
day of May, 1991.
&~
ta arvey
Mayor-Commissioner
Attest:
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CHALLENGE 2000 LOAN GUARANTEE
The city of Clearwater agrees to purchase the Challenge 2000 loan
made to for renovation and/or new
home construction at in the amount
of $ in the event that this loan shall become
delinquent for ninety (90) days or more during the first five (5)
years of the loan period. The city's purchase price shall cover
the unpaid balance of the loan including any interest due up to the
date of purchase. This obligation to purchase is limi ted to
legally available Infill Housing Program funds, including Community
Development Block Grant (CDBG) funds if permitted under applicable
CDBG regulations. In the event such funds are not available, there
is no obligation for the city to purchase the loan. The city of
Clearwater and the taxpayers thereof are not directly, indirectly,
or contingently obligated to make any appropriation of any kind or
pledge any form of taxation to support the financial obligations
which may be incurred under this pledge. Lender agrees under this
certification to exercise due diligence in the collection of this
loan as described in program policies and procedures until the City
has purchased the loan.
CITY OF CLEARWATER
By:
Title:
Date:
witness:
EXHIBIT A TO RESOLUTION NO. 91-19