HomeMy Public PortalAbout82-012 - LRA (04-20-82)LRA RESOLUTION NO. 82 -12
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY
ACCEPTING MONIES APPROPRIATED TO THE REDEVELOPMENT
REVOLVING FUND AND ALAMEDA PROJECT ADMINISTRATIVE
FUND AS A LOAN.
— -- -- WHEREAS,_the City Council has established the Redevelopment
Revolving Fund and the Alameda Project Administrative Fund and has
appropriated funds to each; and
WHEREAS, the Lynwood Redevelopment Agency 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 Pro-
ject Area and the sum of $100,500 is and will be required to cover ex-
penses necessary to carry out the Redevelopment Plan of the Lynwood
Redevelopment Agency Alameda Project Area;
NOW, THEREFORE, the Lynwood Redevelopment Agency does hereby
resolve as follows:
SECTION 1: The sum of $9,500 appropriated to the Alameda Project
Administrative Fund is hereby accepted as a loan to be used for admini-
strative expenses and overhead necessary to carry out the Redevelopment
Plan of the Lynwood Redevelopment Agency Alameda Project Area.
SECTION 2: The sum of $100,500 appropriated to the Redevelop-
ment Revolving Fund is hereby accepted as.a loan to be used to cover ex-
penses necessary to carry out the Redevelopment Plan of the Lynwood
Redevelopment Agency Alameda Project Area.
SECTION 3: The Chairman is hereby directed to execute a
Promissory Note for the sum of $110,000, which sets forth the follow-
ing terms of repayment:
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.
b. The sum appropriated to the Agency, as well as accrued interest
thereon, shall be repaid to the City by the Agency from tax in-
crement revenues which become available to it to pay the loan.
PASSED, APPROVED AND ADOPTED this 20th of April, 1982,
r
w.,
Secretary
AP / PRO AS TO M:
� C
DaJ�McEwdn, General Counsel
Louis-A. Thompson, - ChairAan
Lynwood Redevelopm nt Agency
APPROV D AS TO CONTENT:
7
�t.
Sa'n ra ead, Community Development
Director
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood
Redevelopment Agency, do hereby certify that the above
and foregoing resolution was duly adopted by the said
Agency at a regular meeting thereof held
in the City Hall of the City of Lynwood on the 20th
day of April 1982, and passed by the following
vote:
AYES:
Agency
members
Byork, Green P1orH s Rowe Thompson
NOES:
Agency
members
None
ABSENT:
Agency
members
Nnnn
Secretary
LYNWOOD REDEVELOPMENT AGENCY
I