RESOLUTION 84-17724 RESOLUTION NO. 84-17724
A RESOLUTION AUTHORIZING CREATION AND
MAINTENANCE OF A REHABILITATION ESCROW FUND FOR
RECORDING IN APPROPRIATE ACCOUNTS RECEIPTS AND
DISBURSEMENTS OF FUNDS UNDER SECTION 312 OF THE
HOUSING ACT OF 1964, AS AMENDED
WHEREAS, under Section 312 of the Housing Act of 1964, the Secretary of HUD
was authorized to delegate to, or use as his agent, any Federal or local agency to carry
out the Section 312 Loan Program objectives; and
WHEREAS, under the procedures of such Program, a separate account shall be
established and maintained, in the books of account for each grantee and/or borrower
who has received a rehabilitation grant and/or loan; and
WHEREAS, a loan application in the amount of $650,000 was approved by the
U.S. Department of HUD to fund the rehabilitation of the Deco Plaza Hotel located at
711 - 5th Street; and
WHEREAS, the Deco Plaza Hotel, by virtue of being the first Section 312
project, will necessitate the creation of such a rehabilitation escrow fund.
NOW, THEREFORE BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, that a rehabilitation escrow fund be established,
on which a separate record of accounts shall be maintained of all deposits received and
payments made on each loan funded under the Section 312 Rehabilitation Loan
Program.
PASSED AND ADOPTED THIS 2ndDAY OF May , 1984
ATTEST:
,(2 •
CITY CLERK
MAYOR
fORM
I-11J iiiLDLEGALDEPT
-84
ORIGINAL
RESOLUTION NO. 84-17724
(Authorizing creation and maintenance of
a Rehabilitation Escrow Fund for recording
in appropriate accounts receipts and dis-
bursements of funds under section 312 of
the Housing Act of 1964, as amended)