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CES:djm 09/13/89 (062/#25) ORIGtNAL RES 0 L UTI 0 N ~ 0.11169 OCT 1 6 1989 RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF LEVERAGED LENDING AGREEMENT FOR PROPERTY REHABILITATION LOANS WITH FIRST INTERSTATE BANK OF CALIFORNIA AND CONTINENTAL COMMUNITY FUNDING WHEREAS, the City of Redwood City has established a property rehabilitation or revitalization program (hereinafter called "Rehabilitation Program"); and WHEREAS, the City desires to make below-market interest rate property rehabilitation loans (hereinafter referred to as "Loans") to certain owners of real property who reside within the City; and WHEREAS, Regulations promulgated by the United States Department of Housing and Urban Development ("HUD") set forth at 24 CFR 570.513(b), require that a written agreement be entered into for the deposit of HUD Block Grant funds with First Interstate Bank Of California, a California banking corporation (hereinafter referred to as "Financial Institution") acting in its capacity as depository for said funds; and WHEREAS, pursuant to HUD Regulations, the Financial Insti tution will provide the administrative services not otherwise to be provided by Continental Community Funding, a Delaware Corporation (hereinafter referred to as "CCF") to the City from time to time in support of the Rehabilitation Program at materially lower than actual cost; and WHEREAS, CCF will offer mortgage credit, subject to considerations described herein and other mortgage services in relation to the City's Rehabilitation Program at fees and