HomeMy WebLinkAboutOrdinance - 2008-O0059 - Amending Ordinance 2003-O0136; Promissary Notes $1,000.000 Housing And Developmt - 06/13/2008First Reading
June 13,. 2008
Item Ho. 5.15
ORDINANCE NO. 2008-o0059
Second Reading
June 26,. 2008
Item No. 5.5
AN ORDINANCE AMENDING ORDINANCE NO. 2003-00136 THAT
AUTHORIZED PROMISSORY NOTES IN THE AGGREGATE PRINCIPAL
AMOUNT OF $1,000,000 TOGETHER WITH THE CONTRACT FOR LOAN
GUARANTEE ASSISTANCE UNDER SECTION 108 OF THE HOUSING AND
COMMUNITY DEVELOPMENT ACT OF 1974, AS AMENDED, 42 U.S.C.,
SECTION 5308, IN CONNECTION THEREWITH
THE STATE OF TEXAS
COUNTY OF LUBBOCK
CITY OF LUBBOCK
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WHEREAS, the City of Lubbock, Texas (the "City") passed an ordinance on
second reading on January 8, 2004 (the "Ordinance") that authorized the issuance and
sale of Notes in the aggregate principal amount of $1,000,000 The ''Notes") for the
purpose of implementing a program for the rehabilitation of privately owned multifamily
and single family dwelling structures and the payment of relocation expenses (the
"Project"); and
WHEREAS, due to current open market interest rates being comparable to the
Project's interest rates, the low number of approved homeowners for the Project, and
Project requirements increasing the costs for the homeowner, the City desires to amend
Ordinance to change the use of the remaining unspent proceeds of the Notes to a
reject that better suits the City's needs; and
WHEREAS, the City desires to amend the Ordinance to change the use of the
remaining proceeds of the Notes for the purposes of funding projects for public parks
owned by the City in Community Development Block Grant eligible areas within the
City (the "Changed Project" in accordance with the United States Department of Housing
and Urban Developmenf s ("HUD") rules and regulations.
II NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF LUBBOCK:
SECTION 1. THAT the terms and provisions of the Ordinance are hereby
amended to change the use of the remaining proceeds of the Notes from the Project as
outlined within the Ordinance to the Changed Project as described as follows:
Improvements to three parks that are located within the Community Development
Block Grant-eligible areas of town. The project will allow for facility
improvements and equipment replacement. The construction will include efforts
to comply with the Americans with Disabilities Act.
SECTION 2. THAT the Amendment to the Contract for Loan Guarantee
Assistance under Section 108 of the Housing and Community Development Act of 1974,
as amended, 42 U.S.C. §5308 dated February 24, 2004 (the "Contract for Loan
Guarantee'') is hereby authorized to be executed on behalf of the City.
SECTION 3. THAT the findings and recitals set forth in the preamble to this
ordinance are hereby incorporated in and made a part of this ordinance.
SECTION 4. THAT the remainder of the Ordinance shall remain in full force
and affect except as changed herein.
AND IT IS SO ORDERED
PASSED AND ADOPTED ON FIRST READING, this the __ 13_t_h ___ day of
June , 2008.
PASSED AND ADOPTED ON SECOND AND FINAL READING, this the
26th day of June , 2008
as/amended HUD Ordinance
06/04108
CITY OF LUBBOCK, TEXAS
TOMMART~, MAYOR