HomeMy Public PortalAbout87-071 (05-19-87)f2ESOLUTION N0. 8 7- 71
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A RESOLUTION OF THE CITY ~UNCIL OF THE
CITY OF LYNWOOD 'IC) F~CUPE AN INZ'EREST
SUBSIDY AGREIINQVT WITH SEC.'UF2ITY PACIFIC
NATIONAL BANK 'Ib PROVIDE UJW-INTF.FtEST
LOANS FC)R ~I~MERCIAL PROPERTy REHABILITATION
WHEREAS, the City desires to implanent a Corrrtiercial Property
Rehabilitation Loan Program which offers below-market interest rate loans
to upgrade crnanercial property within the City; and
WHEREPS, Comnunity Develo~anent Block Grant (GDBG) fimds are
currently available to provide interest subsidies to facilitate below-
market rate loans; and
WfIEREAS, Security Pacific National Bank has offered to provide
this service in accordance with applicable CDBG laws and regulations.
NOW, THEREFC~RE, the City Coimcil of the City of Lynwood dces
hereby resolves as follows:
Section 1. The Agreement between the City of Lynwood and
Security Pacific National Bank is hereby approved.
Section 2. The Mayor is authorized to execute two (2) copies
of said agreerrient.
PASSED, APPROVED and ADOPTED this 19th day of May ,
1987.
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PA H. RIQ311RDS II, Mayor
City of Lynwood
ATTEST: APPROVED AS ~ ~NTENT:
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ANDREA L. HOOPER, City Cl rk
City of Lynwood
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VECENTE L. MAS, Director
Cormiunity Development Department
APPROVID AS 'IC) FI~RM:
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City Coimsel
NOTED AS 'IC) ~NTENT:
~'.~r,J i~-E~1~.(~.
Acco ing Manager
STATE OF CALI~RNIA )
) ss.
QJUNTY OF IAS ANGELES )
I, the imdersigned City Clerk of the City of Lynwood, do
hereby certify that the foregoing resolution was passed and adopted by
the City of Lynwood at a regular meeting held on the 19th day of
nn ~,. . 19 87.
AYES: COUNCILMEMBER BYORK, HENNING, MORRIS, WELLS, RICHARDS
NoES: NONE
ABSINT: NONE
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City Clerk, City of Lynwood
STATE OF CALIFY~RNIA )
) ss.
GY~UNTY OF LOS ANGELES )
I, the Lmdersigned 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_ $7'~1
on file in my office and that said resolution was adopted on the date and
by the vote therein stated.
L13ted this 20th day of May , 1987.
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City Clerk, City of Lynwood