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RESOLUTION NO. 87 -109
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A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LYNWOOD TO APPROVE A COMMITMENT
AGREEMENT WITH THE COUNTY OF LOS ANGELES
FOR THE RESERVATION OF THREE HUNDRED
THOUSAND DOLLARS OF COUNTY BOND FUNDS
WHEREAS, the County of Los Anaeles has made available
$2,000,000 in Bond funds to provide below- market rate financing
for housing rehabilitation activities under its Home Improvement.
Loan Program; and -
WHEREAS, the City of Lynwood desires to participate in
said program; and
WHEREAS, the cost of participation is $7,450 per $100,000
of Bond fund reservation; and
WHEREAS, the City desires to reserve $300,000 in Bond
funds for housing rehaoilitation activities.
NOW, THEREFORF, the City Council of the City of Lynwood
does hereby find, determine, order and resolve as follows:
Section 1. Authorize staff to prepare a Commitment
Request to reserve $300,000 in Bond funds.
Section 2. Approve and adopt the attached Commitment
Agreement.
Section 3. Authorize the Mayor to execute the attached
Commitment Agreement.
PASSED, APPROVFD and ADOPTED this 7th day of _ July
1987.
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P UL RICHARDS, Mayor
City of Lynwood
ATTEST:
ANDREA L. HOOPER, City Clerk
APPROVFD AS TO CONTENT:
Vt6tNTE L.�M S, Director
Community Development
a
Accounting Manager
APPROVED AS TO FORM:
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 7th day of July
1987.
AYES: COUNCILMEMBER BYORK, HENNING, MORRIS, WELLS, RICHARDS
NOES: NONE
ASBENT: NONE
ANDREA. L. HOOPER, City I erk
City of Lynwood
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood and
Clerk of the City Council of said City, do hereby certify that the
above and foregoing is a full, true and correct copy of
Resolution No. 87 -109 on file in my office and that said resolution
was adopted on the date and by the vote therein stated.
Dated this 3rd day of August , 1987.
City clerk
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