HomeMy WebLinkAboutRES 044 Draft 01 1988-1992COUNTY OF HAVIF ~- ~fi~ATE OF HAWAII
RESOLUTION No. 49 89
RESOLUTION OF THE COUNCIL OF THE COUNTY OF HAWAII AUTHORIZING THE FINANCE
DIRECTOR TO APPROPRIATE UP TO $83,000 FROM THE OPERATING RESERVE ACCOUNT AND
AUTHORIZING THE MAYOR OF THE COUNTY OF HAWAII TO ENTER INTO A LOAN AGREEMENT
WITH THE PAPAALOA HOUSING, INC. FOR THE PURPOSE OF PROVIDING AFFORDABLE RENTAL
UNI1S AT THE PAPAALOA ELDERLY HOUSING PROJECT AS PART OF THE HAMAKUA SUGAR
EXPERIMENTAL HOUSING PROJECT
WHEREAS, it is the objective of the COUNTY OF HAWAII (hereinafter referred
to as "County"), to promote and initiate innovative affordable housing
projects through the OFFICE OF HOUSING AND COMMUNITY UEVELOPMENT; and
WHEREAS, the HOUSING FINANCE AND DEVELOPMENT CORPORATION, a public body
corporate and politic of the State of Hawaii (hereinafter referred to as
"HFDC"), has made an interim construction loan and a permanent loan with the
PAPAALOA HOUSING, INC., a Hawaii non-profit corporation, for the purpose of
development and rehabilitation of a low- and moderate-income housing project
called Papaaloa Elderly Housing in the principal amount of EIGHTY TWO THOUSAND
ONE HUNDRED FIFTEEN AND NO/100 DOLLARS ($82 115.00), (hereinafter referred to
as "loan"); and
WHEREAS, the HFDC is unwilling to extend credit
Inc., unless it receives the security of the County
to set aside an amount equal to the principal owing
the payment of principal and interest and any other
Loan in the event that the Papaaloa Housing, Inc.,
Loan; and
to the Papaaloa Housing,
in the form of a guaranty
on the loan to HFDC, for
charges provided in the
is unable to repay the
WHEREAS, the County is authorized to make loans under Chapter 2, Section
2-70(b), Hawaii County Code and the use of operating reserve funds for Housing
is allowable by HUD; and
WHEREAS, the County desires to issue a permanent loan to the Papaaloa
Housing, Inc., to refinance its loan with the HFDC.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF HAWAII that
the Director of Finance is hereby authorized to appropriate up to $83,000 from
the Operating Reserve Account to execute a loan agreement with the Papaaloa
Housing, Inc.
BE IT FURTHER RESOLVED that the Mayor is authorized to execute a loan
agreement and other documents necessary to provide a permanent loan with the
Papaaloa Housing, lnc.
This Resolution shall be in effect immediately.
Dated at IQona, Hawaii, this 5th day of _ April 1989.
INTRODUCED BY:
COUNCI R ON, COUNTY OF HAWAII
COUNTY COUNCIL
County of Hawaii
Hilo, Hawaii
I hereby certify that the foregoing RESOLUTION was by
the vote indicated to the right hereof adopted by the COUNCIL
of the County of Hawaii on April 5 19 89
ATTEST:
1~
4 ~/~`~ ~ f Reference
~lCO NTY C~ERK A AN & PRESID NG OFFICER RESOLUTION NO.
ROLL CALL VOTE
AYES NOES ABS EX
DOMINGO
HALE
INOUYE
KOKUBUN
LAI
MAKUAKANE
RUDDLE
SCHUTTE
YAMASHIRO
44
y
,_~t°~r
BERNARD K. ARANA
MAYOR
COUNTY OF HAWAII
OFFICE OF HOUSING AND COMMUNITY DEVELOPMENT
50 WAILUKU DRIVE HILO, HAWAII 96720
PHONE: (8081961-8379
March29, 1989
MEMORAIJDUM
TO: Russell S. Kokubun, Chairman
Hawaii County Council
FROM: Harry S. Ruddle, Chairperson
Hawaii County Housing Agency
SUt3JECT: Resolution for the Hawaii County Council
A. SCOTT LEITHEAD
ADMINISTRA7DR
The Uffice of Housiny and Community Development has submitted to the
Hawaii L'ounty Housing Agency (HCHA) a resolution authoriziny the Finance
Director to appropriate up to $$3,000 from the Operating Reserve Account
and authorizing the Mayor of the County of Hawaii to enter into a loan
agreement with the Papaaloa Housing, Inc. for the purpose of providing
affordable rental units at the Papaaloa Elderly Housing Project as part
of the Hamakua Suyar Experimental Housing Project.
The HCHA has reviewed and approved the resolution at its meeting of
MarcnL9, 1989. Accordingly, I am requesting that the resolution be
included on the Council agenda for action at its next meeting.
HSR/lny
Attach. G,. "~~1
xc: A. Scott Leithead
EQUAL HOUSING OPPORTU NITV