HomeMy Public PortalAbout82-059 (04-06-82)RESOLUTION NO. 82 -5 9
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LYNWOOD APPROPRIATING FUNDS TO THE LYNWOOD
REDEVELOPMENT AGENCY REVOLVING FUND AND TO THE
ALAMEDA PROJECT ADMINISTRATIVE FUND AND APPROV-
ING PAYMENT OF THOSE FUNDS TO THE LYNWOOD
REDEVELOPMENT AGENCY AS A LOAN.
WHEREAS, pursuant to Sections 33610 et seq. of the Health
_ and Safety-Code-,--the--legislative body may establish and appropriate
funds to a redevelopment• agency administrative fund; and
WHEREAS, pursuant to Sections 33620 et seq. of the Health
and Safety Code, the legislative body may establish and appropriate
funds to a redevelopment agency revolving fund; and
WHEREAS, the aforesaid sections permit such amounts to be
paid to a redevelopment agency as a loan to be repaid upon such terms
and conditions as the legislative body may provide; and
WHEREAS, the City Council of the City of Lynwood hereby
determines that the sum of $9,500 is and will be required for the
administrative expenses and overhead of the Lynwood Redevelopment
Agency Alameda Project Area and the sum of $100,500 is and will
be required to cover expenses necessary to carry out the Redevelop -'
ment Plan of the Lynwood Redevelopment Agency Alameda Project Area.
NOW, THEREFORE, the City Council of the City of Lynwood
does hereby resolve as follows:
SECTION 1: The sum of _$9,500 is hereby appropriated
°'- -from- the-GeIrEiral Fund of - sai "d ° "City "t ' e Lynwood"R'edeJelopment Agency
Alameda Project Administrative Fund to be used for administrative
expenses and overhead.
SECTION 2: The sum o f $100,560 is hereby appropriated from
the General Fund of said City to the Lynwood Redevelopment Agency
Redevelopment Revolving Fund to be.used to cover expenses necessary
to carry out the Redevelopment Plan of the Lynwood Redevelopment
Agency Alameda Project Area.
SECTION 3: Upon presentation of a Promissory Note setting
forth the terms of repayment and duly executed by the Lynwood Re-
development Agency, the money appropriated by this resolution shall
be paid to the Lynwood Redevelopment Agency as a loan to be repaid
to the City of Lynwood as follows:
a. Simple interest on said sum shall accrue at a rate not
to exceed the rate earned by the City from investment
of its own funds, from the date of this resolution until
such time as the sum is repaid -to the City of Lynwood.
b. The sum_ to the Agency, as well as accrued
interest thereon, shall be repaid to the City by the
Agency from tax increment revenues which become avail-
able to it to pay the loan.
PASSED, APPROVED and ADOPTED this 6th day of
April , 19 82•
i(
J0 PT D. B — YO RK, M YOR
City of Lynwood
ATTEST
� ' C ann 22n,. /l lam✓4� —
cclit Clerk
APPROV AS TO FORM:
..e _
4aveM
APPROVED AS TO CONTENT:
4 Sa dra M. Read, – Community Development
Di ector
6 0 /w w�- IV —
Barbara Fikel, Accounting Manager
F.]
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES )
ss.
I, the undersigned, Citv Clerk of the City of
Lynwood, do hereby certify that the foregoing resolution
was passed and adopted by the City Council of the City of
Lynwood at a regular meeting held on the
+h day of Apri1 . 1982. .
AYES: Councilmen Green, Morris, Rowe, Thompson, Byork
NOES: None
ABSENT: None
4 City Clerk, City of Lynw bd