RESOLUTION NO. XX – 2022
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF EAST PALO ALTO
AUTHORIZING THE FINANCE DIRECTOR TO ESTABLISH AN ACCOUNT AND TRANSACT
BUSINESS WITH MERIWEST CREDIT UNION FOR THE CALHOME ADU/JADU LOAN PROGRAM WHEREAS, on December 15, 2020, by Resolution No. 155-2020, the City Council of the City of East Palo Alto (“City”) authorized the City Manager to submit an application to the Department of Housing and Community Development (“HCD”) to participate in the CalHome Program; and WHEREAS, the City and EPACANDO jointly applied for $2,000,000 in CalHome funds for the purpose of providing loans to low-income owner-occupants for new construction, repair, reconstruction, or rehabilitation of accessory dwelling units/junior accessory dwelling units (“ADUs/JADUs”); and WHEREAS, on July 23, 2020, HCD notified the City that its application was successful and the Standard Agreement was executed on June 8, 2021; and
WHEREAS, on October 19, 2022, by Resolution No. 141-2021, the City Council authorized the City Manager to execute an agreement with EPACANDO, which will act as the City’s Administrative Subcontractor for the CalHome program, and which will subcontract with Meriwest Credit Union for loan underwriting and origination; and
WHEREAS, the City is required to open an account with Meriwest Credit Union for the purpose of depositing the CalHome loan funds before they are disbursed to the recipient of a CalHome Loan; and
WHEREAS, Meriwest Credit Union requires a certified resolution from the governing body authorizing one or more City staff to conduct business on behalf of the City; and WHEREAS, Section 3.04.060 of the Municipal Code authorizes the Finance Director to place City funds into a state or national bank account.
NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF EAST PALO ALTO HEREBY DETERMINES:
1. That it is in the best interest of the City to establish a banking account with Meriwest Credit Union.
2. That the Finance Director, Tomohito Oku, is hereby authorized on behalf of, and in the name of the City, to open any bank accounts necessary to transact business with Meriwest Credit Union as part of the CalHome ADU/JADU Loan Program.
3. That the Finance Director and/or the Housing and Economic Development Manager, Rachel Horst, acting together or either one acting alone, may authorize the release of funds from any accounts with Meriwest Credit Union.
BE IT FURTHER RESOLVED that a duly signed copy of this resolution shall be delivered to Meriwest Credit Union.
PASSED AND ADOPTED this 19th day of April 2022, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
SIGNED:
Ruben Abrica, Mayor
ATTEST: APPROVED AS TO FORM:
James Colin, Acting City Clerk Valerie J. Armento, Interim City Attorney