HomeMy WebLinkAbout3304RESOLUTION NO. 3304
A RESOLUTION of the City Council of the City
of Bremerton, Washington, authorizing forgiveness, release
and write-off of twenty-five (25) unrecoverable CDBG
loans.
WHEREAS, the City of Bremerton offers loans to low income residents for Home
Repair and Down -Payment Assistance; and
WHEREAS, the Block Grant staff manages a portion of the loan portfolio in-
house, and this portion is valued at approximately $511,792; and
WHEREAS, certain deficiencies in the loan portfolio management were noted in
the Washington State Auditor's 2013 report, specifically regarding reporting of uncollectable
loans; and
WHEREAS, the City Council adopted a "Block Grant Loan Portfolio
Management Policy and Procedures" via Resolution Number 3289 on June 21St 2017; and
WHEREAS, the Block Grant Staff conducted an inventory review and analysis of
the loan portfolio and identified twenty-five (25) loans totaling $232,170 that staff has
determined to be uncollectable, which are listed and identified as unrecoverable loans in Exhibit
A, attached hereto and incorporated herein by this reference; and
WHEREAS, the Block Grant staff recommends that these loans be forgiven,
released and written -off to aid in more accurate financial reporting and to satisfy the auditor's
requirements; NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION]. The recitals and findings of fact set forth above are hereby
incorporated as if fully set forth herein.
SECTION2. The twenty-five (25) CDBG loans totaling $232,170, listed and
identified as unrecoverable loans in Exhibit A, are hereby forgiven, released, and written -off.
SECTION3. Severability. If anyone or more sections, subsections, or
sentences of this resolution are held to be unconstitutional or invalid, such decision shall not
affect the validity of the remaining portion of this resolution and the same shall remain in full
force and effect.
2018 CDBGIHOME Loan Write -Off
SECTION 4. Effective Date. This resolution shall take effect and be in force
immediately upon its passage.
PAS ED by the City Council of the City of Bremerton, Washington this 2/
day of
2018.
Eric ounge Couc I President
APPROVED AS TO FORM:
ROGER A. LUBOVICH, City Attorney
ATTEST:
3A. " � �'
SHANNON CORIN, City Clerk
2
2018 CDBGIHOME Loan Write -Off
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