HomeMy WebLinkAbout29836 / 78-14Nov�riber 16 , 19 7£3 # 14 RESOLUTION
PURPOSE: LEI'I�ft OF CRIDIT FOR HOt3.SIN� AUTFiORITY
INITIA� F3Y: nEPARTb��T OF CONY�ItlIVITY DEVELOP:•SEN'I
Wf�RE',AS, th� �aisc�nsin Housing Finance Authority (Wf-1F'A) has requested
that the Oshkosh Housing Authority furnish ta theqn a LPtter of Irrevocable Credit
in the a�unt of $88,525.00; and
h�tF'.,A.S, this Lett�s of (�edit is required by the Wiscansin Housing
Finance Authority t� oover any loss of Federal subsidy due to lack of rent during
initial occupancy of Marion Manor, such L�tter of Creclit to be released once the-
project ha.s rer_ei�red 95� occu�r�ancy; and
WHERc,AS, the Valley Bank of Oshkosh has agreed to provide such Letter of
Credit up�n pa�sage of a Resolution by the Osh'{osh Comnon Council unclezwriting the
I.�tter of Credit.
NOW, THE�'"'ORE, BE IT RFSOLVED by the C.c�aron Council of the City of Oshkosh
tha-t the proper Ci.ty offi.cials are her�y authorized and directed to underwrite
and sign a I�tter of CYedit to the Valley Ban}c of 0.shkosh in the amount of
$88,525.00; such Lett�x of Credit e�xtending to the Wisconsin Hous�_ng Finance
Auth�.r.ity to cover the ak�ave mentioned contingencies.
SU13�iImT�;D BY
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