HomeMy WebLinkAboutResolution 91-241 08/05/1991~~'S®Illtl®~ N®. 91-241 N.C.~.
of the City of Petaluma, California
1
2
3
4
5
RESOLUTION TO MODIFY CITY OF PETALUMA
SECOND MORTGAGE PROGRAM
WHEREAS, the City of Petaluma has, as part of its Comprehensive Housing program, a
Second Mortgage Program which assisted first time homebuyers; and
6
7
8
9
10
11
12
WHEREAS, since the inception of that Program in 1987, certain market conditions and
household circumstances dictate modifications to the Program; and
WHEREAS, these modifications will improve the program and have no adverse effect on
the spirit or the administration of the program;
13
14
15
16
17
18
19
20
21
22
NOW, THEREFORE, BE IT RESOLVED that the following change be adopted:
The portion of the contract which refers to refinancing the homes will now allow
"refinancing of the first loan for an amount not to exceed the current loan balance
plus closing costs."
res2mgt/bg5
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) jb~2i~XQ@~~) meeting f °~
on the 5tt~ .................. day of .......f~.Ug1J~t......-......--•-•--................-, 19..1-., by the ~~
following vote: .................`~' - ...----•----•
City Attorney
AYES: Read, Davis, Cavanagh, Sobel, Nelson, Vice Mayor Woolsey, Mayor Hilligoss
NOES: None
ABSENT: Non
ATTEST: .-•-• .. .. .. ........... .. ... ........-...........
CityClerI~EPU~'~ ~ ~ ~~~~,~~~
CA 10-85 Res. No.
_~ .. .............. ......... ..... .~i
Mayor
91.-241,,,. N.cs.