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REGULAR MEETING MAY 31, 1988 <br />6. Transamerica Commercial Financial Corporation <br />1933 North Meacham Road <br />Schaumburg, Illinois 60173 <br />7. Marquette Lease Services, Inc. <br />Public Finance Group <br />7401 Metro Boulevard, 6th Floor <br />Minneapolis, MN <br />APPROVE LOAN SALE AND AS <br />ON BEHALF OF BUREAU OF HOUSINC <br />C AGREEMENT - CITY OF SOL <br />HOUSING DEVELOPMENT <br />CORPORATION <br />Ms. Beth Leonard, Department of Community Development, advised <br />that submitted to the Board for approval is a Loan Sale and <br />Assignment Agreement between the City of South Bend on behalf of <br />its Bureau of Housing and the Housing Development Corporation. <br />Ms. Leonard stated that the Agreement provides for the sale of <br />loans that the City has through the Bureau of Housing and assigns <br />them to the Housing Development Corporation. Ms. Leonard further <br />stated that this arrangement was part of an agreement reached <br />last year as the result of Community Development funds being cut <br />back. At that time it was agreed to give HDC this loan portfolio <br />in order to give them $802,044.14 in program income annually. <br />In response to a question from Mr. Leszczynski, Ms. Leonard <br />advised that the Bureau of Housing utilized the loan proceeds to <br />provide affordable loans. Now, the Housing Development <br />Corporation will provide that service. <br />Therefore, upon a motion made by Mrs. DeClercq, seconded by Ms. <br />Humphreys and carried, the Loan Sale and Assignment Agreement was <br />approved and executed. <br />APPROVE COMMUNITY DEVELOPMENT ADDENDA <br />The following Community Development Addenda were presented to the <br />Board for approval: <br />ADDENDUM I <br />CENTER CITY ASSOCIATES <br />SOUTH BEND CENTRAL DEV <br />COMMERCIAL REVOLVING L <br />Addendum I indicates t <br />December 31, 1989. <br />ADDENDUM I <br />HOUSING DEVELOPMENT CO <br />AREA <br />extension of the Contract to <br />ORATION OF ST. JOSEPH COUNTY. INC. <br />HOUSING REHABILITATION FUN <br />Addendum I adds $30,000.00 <br />activity. <br />ACTIVITY <br />to the Contract amount for this <br />Upon a motion made by Mrs. DeClercq, seconded by Ms. Humphreys <br />and carried, the above referred to Addenda were approved and <br />executed. <br />ADOPTION OF RESOLUTION NO. 14-1988 - DISPOSAL OF SERVICE REVOLVER <br />- POLICE DEPARTMENT <br />Mr. Leszczynski advised that pursuant to a new ordinance which <br />was passed by the Common Council setting out a procedure for the <br />disposal of a service revolver of a police officer that retires <br />in good standing, the following Resolution declares that the <br />service revolver is no longer needed by the City and should be <br />disposed of accordingly. Therefore, upon a motion made by Mrs. <br />DeClercq, seconded by Ms. Humphreys and carried, the following <br />Resolution No. 14-1988 was adopted: <br />1 <br />