HomeMy Public PortalAbout90-055 (04-17-90)RESOLUTION NO. 90-55
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A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LYNWOOD TO APPROVE A PRELIMINARY
COMMITMENT REQUEST WITH THE COUNTY OF LOS
ANGELES FOR THE RESERVATION OF THREE HUNDRED
THOOSAND DOLLARS OF COUNTY BOND FUNDS
WHEREAS, the County of Los Angeles will ask the State to
make available $8,000,000 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 continue partici-
pation in said program; and
WHEREAS, the cost of participation will be $7,450 per
$100,000 of Bond fund reservation; and
WHEREAS, the City desires to reserve $300,000 in Bond funds
for housing rehabilitation activities.
NOW, THEREFORE, the City Council of the City of Lynwood
does hereby find, determine, order and resolve as follows:
SECTION 1. Authorize staff to prepare a preliminary Commit-
ment Request to serve $300,000 in Bond funds.
SECTION 2, Authorize staff to execute and prepare the
attached preliminary Commitment Request.
PASSED, APPROVED and ADOPTED this 17th day of April ,
1990.
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ROBERT HENNING, YOR
City of Lynwood
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ATTEST:
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ANDREA L. HOOPER, CITY CLERK
City of Lynwood
APPROVED AS TO FORM:
CITY ,~1 T EY
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APPROVED TO ONTENT:
KENR R, KAREFA-JOHNSON
Interim Director of
Community Development
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FINA~ICE DIRECTOR
STATE OF CALIFa$NIA )
) ss.
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood,
do hereby certify that the above and foregoing resolution was
duly adopted by the City Council of said City at a regular
meeting thereof held in the City Hall of the City on the 17th day
of April, 1990, 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 Lyn ood
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. 90-55 on file in my office and that said resolution
was adopted on the date and by the vote therein stated.
Dated this 20th day of April, 1990. '
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City Clerk