HomeMy Public PortalAbout83-162 (12-20-83),. Xn
RESOLUTION NO. 83 -162
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LYNWOOD, CALIFORNIA, 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, the City has authorized a Housing Rehabilitation
Program and a Commercia•1 Property Rehabilitation Program as part of
an adopted Community Development Block Grant Program, and
WHEREAS, the City of Lynwood, in order to implement the
program, has requested Bank of America to make below- market interest
rate property rehabilitation loans, and
WHEREAS, Bank of America is willing to consider making such
property rehabilitation loans in accordance with the terms and con-
ditions of the Commercial and Residential Property Rehabilitation Loan
Agreement Comprehensive Form between City of Lynwood and Bank of
America dated November 16, 1983;
NOW, THEREFORE, the City of Lynwood does hereby resolve as
follows
Section 1 . That the Commercial and Residential Property
Rehabilitation Loan Agreement Comprehensive Form between the City of
Lynwood and Bank of America National Trust and Savings Association
is hereby approved.
Section 2 . That the Mayor be authorized to execute Agreement.
Section 3 . This resolution shall take effect immediately upon
its adoption.
PASSED, APPROVED AND ADOPTED this 20th day of
DECEMBER 1983.
f ATTEST ,
Andr CitAj Clerk
APPROVED AS TO FORM
a� en, Ci Attu ey
�3sS f
APPROVED AS TO CONTENT.
V _ c ing D ir ot Comm ev.
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
.. r
I, the undersigned, Citv Clerk of the Citv 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
20th day of December , 1983
AYES: COUNCILMEN BYORK, HENNING, ROWE, THOMPSON, MORRIS
NOES: NONE
ABSENT: NONE
a4't�
City Clerk, City of Lynw od
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