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n <br />LJ <br />A RESOLUTION <br />AUTHORIZING THE MAYOR TO SIGN A <br />GUARANTEE OF A LOAN FOR THE <br />CHARLOTTESVILLE REDEVELOPMENT AND HOUSING AUTHORITY <br />AND APPROPRIATING FUNDS TO PAY THE INTEREST THEREON <br />WHEREAS, pursuant to previous authorization from this Council <br />the Charlottesville Redevelopment and Housing Authority hasmade <br />bonafide offers to purchase properties approved by this Council as <br />sites for low-income public housing under Authority Project <br />No. VA -16-4. <br />WHEREAS, such offers have been accepted and the Authority is <br />in need of funds to pay for such sites pending reimbursement for <br />such expenditures from the United States Department of Housing and <br />Urban Development; and <br />WHEREAS, the Authority has obtained a commitment from the <br />Virginia National Bank for a loan in the amount of $350,000.00 for <br />such purpose, provided the City of Charlottesville guarantees <br />payment of such loan; <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Charlottesville, that the Mayor is hereby authorized to sign a <br />letter guaranteeing payment of a loan to be made by the Virginia <br />National Bank to the Charlottesville Redevelopment and Housing <br />Authority in the amount of $350,000.00 for a period of six months, <br />the proceeds of which shall be used to acquire such housing sites <br />pending such federal reimbursement; and <br />BE IT FURTHER RESOLVED that such guarantee shall be conditioned <br />upon the agreement of the Authority that in the event the City shall <br />pay out funds pursuant to such guarantee, the Authority shall <br />immediately convey to the City title to the property or properties <br />acquired with such funds; and <br />-74f <br />