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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. 921 <br />A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY <br />OF RIVERSIDE, CALIFORNIA, RATIFYING THE REDEVELOPMENT <br />AGENCY OF THE CITY OF RIVERSIDE EXECUTION OF THE <br />SECTION 108 LOAN DOCUMENTS FOR THE MISSION VILLAGE <br />PROJECT; REAFFIRMING THE EXECUTIVE DIRECTOR, OR HIS <br />DESIGNEE, AUTHORIZATION TO ACT AS OFFICIAL <br />REPRESENTATIVE OF THE AGENCY AND TO EXECUTE ALL <br />NECESSARY DOCUMENTS ON THE AGENCY'S BEHALF RELATED <br />TO THIS LOAN TRANSACTION. <br />WHEREAS, the City of Riverside ("City"), in conjunction with the Redevelopment Agency <br />of the City of Riverside ("Agency"), applied for and received approximately $4.8 million in Section <br />108 loan guarantee funds from the U.S. Department of Housing and Urban Development ("HUD") <br />for the Mission Village Project ("Section 108 Loan'); and <br />WHEREAS, by Resolution No. 18977, on September 10, 1996, the City Council of the City <br />of Riverside ("City Counsel") authorized the City to enter into the Section 108 Loan; and <br />WHEREAS, on September 10, 1996, the Agency accepted appointment by the City to serve <br />as the lead agency for the purpose of implementing the strategy and administering the Section 108 <br />Loan and funds; and <br />WHEREAS, by Resolution No. 658, on April 6, 1999, the Agency Governing Board <br />authorized the Executive Director of the Agency ("Executive Director"), or his designee, to act as <br />official representative of the Agency and to execute on behalf of the Agency all documents <br />necessary or desirable to accomplish the Section 108 Loan; and <br />WHEREAS, HUD has notified the Agency that the bonds under the Section 108 Loan were <br />past their 10-year "no call period" and that the Agency could exercise its option to refinance the <br />Section 108 Loan at a more favorable interest rate; and <br />WHEREAS, the Agency desires to avail itself of the opportunity to refinance at a more <br />favorable interest rate; and <br />WHEREAS, there is currently $2,695,000 owed under the Section 108 Loan; and <br />WHEREAS, on or about July 21, 2010, HUD will be conducting a public offering of trust <br />certificates, which this Section 108 Loan is a part, and the result of which will result in the lower <br />interest rate for the Section 108 Loan; and <br />