HomeMy Public PortalAbout89-187 (10-03-89)RESOLUTION NO. 89 -187
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LYNWOOD AUTHORIZING AN AMENTMENT TO THE
COMMITMENT AGREEMENT BETWEEN THE CITY AND THE
COUNTY OF LOS ANGELES AND APPROVING THE PAYMENT
OF AN EXTENSION FEE TO THE COUNTY OF LOS ANGELES,
ALL IN CONNECCTION WITH THE LOS ANGELES HOME
IMPROVEMENT LOAN BOND PROGRAM
WHEREAS, the City of Lynwood ( "the City ") entered into a
Commitment Agreement, dated as of November 1, 1986, with the
County of Los Angeles (the "Commitment Agreement ") pursuant to
which certain of the proceeds of the County of Los Angeles Single
Family Mortgage Revenue Bonds (Home Improvement Loan Program)
1986 Series A were reserved for the origination of home
improvement or rehabilitation mortgage loans on homes located in
the City; and
WHEREAS, the period during which such funds are to be so
reserved (the "Commitment Period ") was previously extended by
the County and the City from November 1, 1988 to November 1,
1989; and
WHEREAS, the City and the County now wish to further extend
such Commitment Period from November 1, 1989 to November 1, 1991,
with respect to all or a portion of the funds presently reserved
for use in the City; and
' WHEREAS, in order to allow for such further extension it is
necessary to amend the Commitment Agreement; and
WHEREAS, an Amendment to Commitment Agreement (the
"Amendment "), sufficient to allow for such extension, has been
prepared and presented to this meeting and the City Council of
the City wishes to approve the execution of the Amendment on
behalf of the City; and
WHEREAS, in order to accomplish
Commitment Period the City must pay an
County (the "Extension Fee ") in order to
costs of the extension, to fund negative
during the extended Commitment Period and
of mortgage origination; and
the extension of the
extension fee to the
Eund the administrative
arbitrage on the Bonds
to pay certain expenses
WHEREAS, this City Council wishes to approve the payment of
the Extension Fee.
NOW, THEREFORE, the City Council of the City of Lynwood
hereby resolves as follows:
SECTION 1. Each of the foregoing recitals is true and
correct.
' SECTION 2. The Amendment, in substantially the form
presented to this meeting is hereby approved and the Mayor of the
City is hereby authorized to execute the Amendment in i
substantially such form, with such changes therein as may be
approved by the City Attorney, on behalf of the City and to
deliver it to the County.
SECTION 3. An Extension Fee of up to $ 4,600 for
extension of $ 300,000 of the City's Commitment Amount
defined in the Commitment Agreement), or such lesser amount
the Mayor of the City shall approve, from November 1, 1989
November 1, 1991, is hereby approved and the City Manager
hereby authorized to draw and deliver a check in the amount
the Extension Fee to the County on behalf of the City for
purpose.
the
(as
as
to
is
of
such
SECTION 4. The officers and employees of the City are
authorized and directed, jointly and severally, to do any and all
things necessary or advisable in order to effectuate the purposes
of this resolution, and all actions previously taken by such
officers and employees in connection therewith are ratified and
approved.
SECTION 5. This
upon its adoption by
PASSED, APPROVED
1989.
ATTEST:
resolution shall take effect immediately
:he City Council.
and ADOPTED this 3rd day of October ,
EVELYN M. ELL, MAYOR
City of Lynwood
ANDREA L. HOOPER, CITY eLERK
City of Lynwood
APPROVED AS TO CONTENT:
V NTE L. MAS, DIRECTOR
Community Development Depart.
APPROVED AS TO FORM:
i� -tee, o✓Z�ti
LORRAINE OTEN,
D