HomeMy Public PortalAbout88-120 (07-19-88)RESOLUTION NO. SS-120
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A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LYNWOOD APPROVING A RENTAL
REHABILITATION OPERATING AGREEMENT WITH
SECURITY PACIFIC NATIONAL BANK
WHEREAS, the-City of Lynwood has received approval
of Rental Rehabilitation Program funds from the Department of
Housing .and Urban Development (HUD); and
WHEREAS, these funds will provide 50~ of the
cost of rehabilitating substandard rental property occupied by
low-and-moderate-income families; and
WHEREAS, the balance of rehabilitation costs may
be financed through a private lender at below market interest
rates using CDBG funds to provide the Interest subsidy; and
'aHEREAS, Security Pacific National Bank has agreed
to provide below-m.srket interest rate loans to eligible rental
rehabilitation projects.
NOW, THEREFORE, the City Council of the City of
Lynwood does hereby find, order, determine and resolve as
follows:
Section 1. That the attached Rental Rehabilitation
Operating Agreement with Security Pacific NationalBank is
hereby approved.
Section 2. The Mayor is authorized to execute
two copies of the agreement.
PASSED, APPROVED and ADOPTED this 19th day of
.n,1~, 1988.
ATTEST:
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ANDREA L. HOOPER, City Clerk
City of Lynwood
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PAUL H. RICHARDS II, Mayor
City of Lynwood
APPROVED AS TO CONTENT:
VI NTE L. MAS, rirector,
Community Development Department
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A~co~nting Manager
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGLES )
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 meetin
thereof held in the c ity Hall of said City on the 19th day
of July, 1988, and passed by the following vote:
AYES: COUNCILMEMBER HEINE, HENNING, MORRIS, RICHARDS
NOES: NONE
ABSENT: COUNCILMEMBER WELLS
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City Clerk, City of Lynw od
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 Resoluton No. 88-120 on file in my office and that said
resolution was adopted on the date and by the vote therein
stated.
Dated this 22nd day of July, 1988.
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City Clerk