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acquisition of land,' improvement of land :with on-site or <br />off-site improvements and the construction of structures.. <br />2.4 City has determined that the health and safety <br />of the citizens of the City require the immediate <br />installation of the Storm Drain and the Agency has found and <br />determined that the immediate installation of the Storm <br />Drain will improve the supply of low -.and moderate -income <br />housing available.at affordable housing cost. <br />NOW, THEREFORE, BE IT RESOLVED in consideration of <br />the foregoing and the mutual promises and covenants <br />contained therein, the parties hereto do mutually agree as <br />follows: <br />3. TERMS. <br />3.1 Amount of Loan. The Agency agrees to loan the <br />City fifty percent (50%) of the actual cost incurred for the <br />design and installation of the Storm Drain in an amount not <br />to exceed $211,000. Said loan shall be in addition to any <br />and all amounts heretofore provided to the City for such <br />purposes. <br />3.2 Disbursement of. Funds. The Agency agrees to <br />disburse loan proceeds to the City upon receipt of a request <br />in writing from the City. The City agrees to use such <br />proceeds only for the purposes provided for in State law. <br />3.4 Repayment. The City agrees to repay any and <br />all funds borrowed from the Agency in accordance with the <br />terms of repayment agreed to by San Bernardino in the <br />-2- <br />