HomeMy WebLinkAbout1978-05-08 230 AF ORDER230 IF
Introduced by Councilor McKernan, May 8, 1978
_,,p' y-- CITY OF BANGOR
(TiTEE,) MrUCA7 _„(ipggQ,(pg CaampnJry, pev l pment„Property gehabilitation Loan__,
Pros M the Terms and Condition for said progress
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By tha City Con l of the O(ty of Bangor:
ORDERED,
THAT WHEREAS, the City Council of the City of Hangar, by passage of
Council Order 325 AC, approved and adopted the Community Development Property
Rehabilitation Loan Program; and
WHIPTAS, the City Council of the City of Bangor, by passage of Council
Order 344 AC, approved and adopted terms and conditions to be utilized by the
Community Development Department in administering said Lose Program; and
WHEREAS, it is in the best interest of the City of Bangor to amend said
Program and said terms and conditions,
NOW, THERgPORE, By the City Council of the City of gauger:
ORDERED, THAT the Community Development Property Rehabilitation Loan Program,
as adopted by the Bangor City Council by virtue of Council Order 325 AS, be
amended on page 8, Section G l.a (16) as follows:
(16) Obtain title report for a secured loan, and determine
adequacy of title for purposes of the rehabilitation
loan; provided, however, a title report by the Legal
Department shall not be required unless requested by
the Community Development Director, for any loans of
less than $2,000.
and be it further
ORDERED, THAT the terms and conditions of the Community Development Property
gehabilitation Loan Program, as provided in Council Order 344 AC, be emended in
Section 2.b as follows:
b. Bear interest at the rate of five percent (5%) per
annum on the principal outstanding at any time; if
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Statement of pace: The purpose of this Order is to authorize the Community
Development Department to authorize unsecured loans at an annual rate of 5%
as a part of its rehabilitation loan program. Under the current terse and
a
conditions, =secured los must bearaual rate of 6%, This Order
further permits the Department to require persons receiving a loan of leas
than $2,000 to execute and deliver a mortgage in the amount of the loan and
running to the City. However, unless the Legal Department is specifically
requested to review the title to the property secured by such mortgage, no
such title work shall be done.
230 "
Oft DER
Title,
InCityCouncil IAP 8,1978 anenling. Cmwurdty Developaent
Passed
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Property Rehabilit¢tlon Lsan ProCram affi the
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City Clem]
Introduced and filed by
Councilman