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w <br />k= <br />6. In the event the employee terminates employment prior to the full and <br />complete repayment of the loan, the employee shall repay the loan in full <br />no later than 180 days after the termination of employment. <br />7. The interest rate of such loan shall be variable and is equal to the interest <br />rate the City receives on its funds deposited with the Local Agency <br />Investment Fund. <br />8. The City Manager is herein authorized to execute the loan documents <br />upon the approval of the Finance Director and the City Attorney. <br />9. The total of this Housing Assistance Loan Program shall not exceed five <br />(5%) percent of the City's investment portfolio. <br />10. Administration of this program shall be at the discretion of the City <br />Manager. <br />Introduced by Council Member Loeffler and passed and adopted <br />this I" day of November 1999, by the following called vote: <br />Members of the Council: <br />AYES: Council Members gal'yan, Glaze, Grant, Loeffler, Nardine; <br />Mayor Young (_ 6 <br />NOES: None (_ 0 <br />ABSENT: Council Member Lothrop (_ 1 ) <br />Attest: -2 <br />LL . <br />Gayle Peter n, City Clerk <br />F:/W P/CTYMGR/HOUSPPRO.DOC <br />