HomeMy Public PortalAbout91-083 (06-04-91)RESOLUTION NO. 91 -83
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
APPROVING A LOAN TO THE LYNWOOD REDEVELOPMENT AGENCY
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WHEREAS, pursuant to Sections 33610, et. seq., of the Health
and Safety Code of the State of California, a City Council may
appropriate to a redevelopment agency such amounts as the Council
deems necessary for the administrative expenses and overhead of
the agency; and
WHEREAS, the aforesaid sections permit such amounts to be
paid to a redevelopment agency as a loan to be repaid upon such
terms and conditions as the City Council may provide; and
WHEREAS, the City Council of the City of Lynwood hereby
determines that the sum of $207,000 is and will be necessary for
the purchase of a certain property by Lynwood Redevelopment
Agency Alameda Project Area;
NOW, THEREFORE, the City Council of the City of Lynwood does
hereby resolve as follows:
Section 1. The sum of $207,000 hereby is approved as a loan
to the Lynwood Redevelopment Agency from the General Fund of said
City, and shall be used for property acquisition.
Section 2. The money loaned by this resolution is to be
paid to the Lynwood Redevelopment Agency as a loan to be repaid
to the City of Lynwood as follows:
(a) Repayment shall be made from and to the extent that
funds are available to the Agency for such purpose
pursuant to California Health and Safety Code,
Section 33670, or from other sources; provided,
however, that the Agency shall have the sole
exclusive right to pledge any such sources of funds
to the repayment of other indebtedness incurred by
the Agency in carrying out the redevelopment plan.
(b) The obligation for repayment shall bear interest
until repayment is made at the maximum rate
permitted by law.
(c) Although the parties recognize that payment may not
occur for a few years and that repayment may also
occur over a period of time, it is the express
intent of the parties that the City shall be
entitled to repayment of the expenses incurred by
the City under this Agreement, consistent with the
Agency's financial ability, in order to make the
City whole as soon as practically possible.
PASSED, APPROVED and ADOPTED
ATTEST:
OaA&
Andrea L. Hooper, Secr tary
APPROVED
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this 4th. day of June, 1991.
ROBERT HENNING, fAYOR
CITY OF LYNWOOD
FORM: APPROVED CONTENT:
Ke c R. Karefa- Johnson
Community Development Director
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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 IU'
MEETING HELD ON THE 4TH DAY OF JUNE, 1991, AND PASSED BY THE
FOLLOWING VOTE:
AYES: COUNCILMEMBERS HEINE, REA, RICHARDS, WELLS, HENNING
NOES: NONE
ABSENT: NONE
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CITY CLERK, 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. 91 -83 ON FILE IN MY OFFICE AND THAT SAID
RESOLUTION WAS ADOPTED ON THE DATE AND BY THE VOTE THEREIN
STATED.
DATED THIS 5TH DAY OF JUNE, 1991.
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CITY CLERK