HomeMy Public PortalAbout82-090 (06-01-82)RESOLUTION NO. 82 -90
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
SUPPLEMENTING RESOLUTION NO. 81 -157, APPROVING AND
AUTHORIZING EXECUTION OF A COMMERCIAL AND RESIDENTIAL
PROPERTY REHABILITATION LOAN AGREEMENT COMPREHENSIVE
FORM BETWEEN THE CITY OF LYNWOOD AND BANK OF AMERICA
NATIONAL TRUST AND SAVINGS ASSOCIATION.
WHEREAS, on December 1, 1981, the City Council of the
City of Lynwood adopted Resolution No. 81 -157 approving and authorizing
the execution of an agreement with Bank of America National Trust and
Savings Association for the purpose of making commercial and residen-
tial property rehabilitation loans at below market - interest rates;
and
WHEREAS, on May 6, 1982 the federal Department of Housing
and Urban Development conditionally approved the City's agreement with
Bank of America subject to the inclusion of a- clarifying clause in
the agreement to read:
"Authority covenants and agrees that the terms and con-
ditions of this agreement are subject to the provisions
MO lump sum drawdowns for property rehabilitation
5570.513 of the HUD regulations on community development
block grants, 24 CFR Part 570. ";
NOW, THEREFORE, the City Council of the City of Lynwood
does hereby resolve as follows:
Section 1 . That the Mayor is authorized to execute a re-
vised agreement with Bank of America which includes the necessary
clarifying clause.
Section 2 . This resolution shall take effect immediately
upon its adoption.
PASSED, APPROVED AND ADOPTED this first day of dune,
1982.
LOUIS A. THOMPSON, M r or
City of Lynwood
ATTEST:
C,
Andrea L. Hooper, City Clerk
APPROVED /AJS, TO CONTENT:
ep rtm Head
APPRnEDI AS TO FORM:
Da e McEwen, City Attorney
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
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
lst day of June , 1982.
AYES: Councilmen Byork, Green, Morris, Rowe, Thompson
NOES: None
ABSENT: None
City Clerk, City of Lynwood