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of one (1) year the sum of Eight Hundred One Thousand and No/100 Dollars <br />($801,000.00), frc~l the Self Insurance Trust Fund to the Redevelopment <br />Agency of the City of Redwood City, such amount to be used solely for <br />the purpose of assisting the Redwood City Cooperative Housing Association, <br />Inc., to obtain HUD Tand~ Financing for a low cost housing project. <br /> <br /> 2. The Redevelopment Agency hereby agrees to repay the afor~antioned <br />loan, with interest thereon, using the City's average interest earning <br />rate on idle funds as of the first day of each calendar quarter, to the <br />City of Redwood City out of revenues accruing to the Agency from tax <br />increments. <br /> <br /> 3. It is understood that if the Redwood City Cooperative Housing <br />Association, Inc., fails to obtain HUD Tand~n Financing, the loan <br />authorized by this resolution will be repaid inmediately upon <br />notification that such financing is unavailable. <br /> <br /> -2- <br /> <br /> <br />