HomeMy Public PortalAbout82-174 (11-02-82)1 �
RESOLUTION NO. 82 -17
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LYNWOOD SUPPLEMENTING RESOLUTION NO. 81 -157,
APPROVING AND AUTHORIZING EXECUTION OF A COM-
MERCIAL 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 residential 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; and
WHEREAS, on June 1, 1982, the City Council of the City
of Lynwood authorized the Mayor to execute a revised agreement
with Bank of America which included the necessary clarifying
clause; and
WHEREAS, the original agreement is in error concerning
the percentages of required collateralization amounts in paragraph
11(c) and (e) which read 30% and 54 %, respectively; and
WHEREAS, Bank of America is willing to reduce the in-
terest rate for commercial rehabilitation loans; and
WHEREAS, the City and Bank of America of mutual accord
desire to extend the term of this agreement, {or one year;
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
revised agreement with Bank of America which includes the follow-
ing amendments:
a. Change percentage figures in paragraph 11(c) and (e),
page 6, from 30% and 54% to 70% and 46 %, respectively;
b. Change the interest rate for commercial rehabilita-
tion loans in paragraph 9. - 2.(i), page 5, from
11.5% to 11 %;
C. Change the dates of November 15, 1982, and November
15, 1981,,in paragraph 23(a), page 12, to November
15, 1983, and November 15, 1982, respectively.
__. Section 2 . This resolution shall take effect immediately
upon its adoption. - -®
PASSED, APPROVED AND ADOPTED this 2nd day of
November , 1982.
ATTEST:
ANDREA L. HOOPER, Ci Clerk
0 FORM:
� rte`/
`� LOUIS A. THOMPSO MA
City of Lynwood 1
APPROVED AS TO CONTENT:
AN RA M. READ, Director
Community Development Dept.
Attorney
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
I, the undersigned, City 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
.2nd day of November , 1982.
AYES: BYORK, GREEN, MORRIS, ROWE, THOMPSON
NOES: NONE
ABSENT: NONE
i Y ,
0
City Clerk, City of Lynwood