HomeMy Public PortalAbout2008.076 (05-20-08)RESOLUTION NO. 2008.076
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
AUTHORIZING THE MAYOR TO EXECUTE THE LOW INTEREST RATE LOAN .
AGREEMENT WITH THE CALIFORNIA ENERGY COMMISSION TO REPLACE
EXISTING TRAFFIC SIGNAL LIGHTING WITH LIGHT EMITTING DIODES (LED)
WHEREAS, replacement of the City's incandescent traffic signal lighting system
to a Light Emitting Diode (LED) lighting system will reduce the City's energy costs; and
WHEREAS, staff was authorized to submit a loan application to the California
Energy Commission; and
WHEREAS, the California Energy Commission has approved the City's loan
application to finance the energy efficiency improvements; and
WHEREAS, the loan documents are ready to be executed.
NOW, THEREFORE, the City Council of the City of Lynwood does hereby, find,
proclaim, order and resolve as follows:
Section 1: The City of Lynwood is authorized to accept a loan up to $330,000
at 3.95% annual interest.
Section 2: That the Mayor is authorized to execute the necessary loan
documents.
Section 3. This resolution shall take effect immediately upon its adoption.
Section 4. The City Clerk shall certify as to the adoption of this Resolution.
PASSED, APPROVED and ADOPTED this 20th day of May, 2008.
Maria T. Santillan
Mayor
ATTEST;
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Maria Quirionez ~'
City Clerk
~" APPROVED AS TO FORM: APPROVED AS TO CONTENT:
Fred Galante
City Attorney
Roger al
City Manager
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G. Daniel Ojeda, P.E.
Director of Public Works /City Engineer
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 20t" day of May, 2008.
AYES: COUNCIL MEMBERS, CASTRO, FLORES, MORTON, RODRIGUEZ,
AND SANTILLAN
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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i
Maria Quinonez, ity Clerk
STATE OF CALIFORNIA
SS.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City. of Lynwood, and the Clerk of the City
Council of said City, do hereby certify that the above foregoing is a full, true and correct
copy of Resolution No. 2008.076 on file in my office and that said Resolution was
adopted on the date and by the vote therein stated. Dated this 20t" day of May, 2008
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Maria Quinonez, Cit Jerk