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Order: Authorizing the City of Malden to borrow $1,500,000 from the United States Department of Housing and Urban Development, or any other entity associated therewith, to support a second phase of construction for the Malden River Works Project.
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WHEREAS, the City of Malden (the "City") is an entitlement community receiving Community Development Block Grant (CDBG) funding from the Secretary of the Department of Housing and Urban Development (“HUD”);
NOW, THEREFORE, be it Ordered by the City Council of Malden that:
It hereby is, authorized (i) to enter into the Amendment to the CDBG Grant for PY2025, (ii) to appropriate $1,500,000 to pay costs of a second phase of the Malden Riverworks Project, including the payment of all costs incidental and related thereto; (iii) that to meet the aforesaid appropriation, the City Treasurer, with the approval of the Mayor, is authorized to borrow $1,500,000 under and pursuant to G.L. c. 44, §7(1) or any other enabling authority and to issue general obligation bonds or notes of the City, which shall constitute a pledge of the City’s full faith and credit, therefor; all or any portion of the amount authorized to be borrowed pursuant to this Order may be obtained pursuant to the HUD Section 108 Program; (iv) that the Mayor and any other appropriate official of the City are authorized to enter into such agreements and to take such other action as may be deemed necessary or appropriate in connection with the consummation of the transactions contemplated by this Order, and to execute and deliver all grant agreement amendments, loan or other agreements and any other documents that may be required by HUD to evidence the loan authorized by this Order; and that the Mayor be and hereby is, authorized to sign, seal, execute and deliver the Amendment to the CDBG Grant, and the application for the loan under the HUD Section 108 Program, including all understandings and assurances contained therein with the pledge of any grants under HUD’s Community Development Block Grant Program for which the City may become eligible as collateral for the loan through HUD authorized by this Order, in the name and on behalf of the City, and to sign, seal, execute and deliver any other documents, statements or instruments, and to take any and all other actions which the Mayor deems necessary or appropriate in connection therewith; and that the execution and delivery of said agreements and other documents required by HUD to evidence the loan authorized by this Order by Mayor shall be conclusive evidence that such was authorized by this Order.