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NOW, THEREFORE IT IS RESOLVED by the City Council of the City of San <br />Leandro that: <br />I. The above recitals are true, correct, and incorporated by reference into this <br />Resolution. <br />2. The City Council hereby agrees to substitute collateral for the Section 108 Loan, <br />such that the City covenants that it will restrict One Hundred Ninety Thousand Six Hundred <br />Thirty Five Dollars and Twenty Cents ($190,635.20), an amount equal to one year's debt service <br />on the Section 108 Loan, of the General Fund Restricted Reserves, until such time as the Section <br />108 Loan is repaid in full. In the event that the City is unable to otherwise meet its repayment <br />obligations during the term of the Section 108 Loan's Note, such funds would be utilized to <br />cover the deficiency. <br />4. The City Manager is authorized to execute any and all documents, in such form as <br />approved by the City Attorney, and to take Such actions, as are necessary to effectuate the intent <br />and purpose of this Resolution. <br />This Resolution shall take effect and be in full force from the date of its adoption. <br />Introduced by Councilmember Cox and passed and adopted this 4th day of September <br />2018, by the following vote: <br />Members of the Council: <br />AYES: COUncilmembers Ballew, Cox, Hernandez, Lee, Lopez, "Thomas; Mayor Cutter (7) <br />NOES: None (0) <br />EXCUSED: None (0) <br />ATTEST: <br />Marian Handa, Interim City Clerk <br />RESOLUTION NO. 2018-099 2 <br />