HomeMy Public PortalAbout84-039 (04-17-84)RESOLUTION N0. 84-39
A RESOLUTIUN OF THE CITY COUNCIL OF THE CITY
OF LYNWOOD APPROPRIATING FUNDS AS A LOAN TO
THE LYNWOOD REDEVELOPMENT AGENCY
WHEREAS, pursuant to Sections 33610 et seq.
Safety Code of the State of California, a City Council
redevelopment agency such amounts as the Council deems
ministrative expenses and overhead of the agency; and
WHEREAS, the aforesaid sections permit such
a redevelopment agency as a loan to be repaid upon suc
as the City Council may provide; and
of the Health and
may appropriate to a
necessary for• the ad-
amounts to be paid to
~ terms and conditions
WHEREAS, the City Council of the City of Lynwood hereby determines
that the sum of $100,000 is and will be necessary for the administrative
expenses and overhead of the Lynwood Redevelopment Agency Alameda Project
Area,
NOW, THEREFORE, the City Council of the City of Lynwood hereby
does resolve as follows:
Section 1. The sum of $100,000 hereby is appropriated as a loan
to the Lynwood Redevelopment Agency from the General Fund of said city to the
Lynwood Redevelopment Agency, and shall be used for administrative expenses
and overhead. In addition, the common understanding and usual interpretation of
the term; '.'administrative expense" includes, but is not limited to, expenses
of redevelopment planning and .dissemination of redevelopment information.
Section 2. The money appropriated by this resolution is to be
I'"'~ paid to the Lynwood Redevelopment Agency as a loan to be repaid to the City
f of Lynwood as follows:
(a) Repayment shall be made from and to the extent that funds
are available to Agency for such purpose pursuant to
California Health and Safety Code, Section 33670 or from
other sources; provided, however, that Agency shall have
the sole exclusive right to pledge any such sources of
funds to the repayment of other indebtedness incurred by
Agency in carrying out the redevelopment project.
(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
fora few years and that repayment may also occur over a
period of time, it is the express intent of the parties that
City shall be entitled to repayment of the expenses incurred
by City under this Agreement, consistent with Agency's
financial ability, in order to make City whole as soon as
practically possible.
PASSED, APPROVED and ADOPTED this 17th da of April 1984.
~~ E. L. MORRI ,Mayor
City of Lynwood
A~~TTEaaST:--
W7~L ~~
ANDREA L. HOOPER, City Clerk
City of Lynwood
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
~ ~sz ~
City Attorney JACK SEGAL, Ac g i•ec~ r of
Community Dev opment
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 17th day of
ril 1984.
AYES: COUNCILMEN BYORK, HENNING, THOMPSON, MORRIS
NOES: COUNCILMAN ROWE
ABSENT: NONE
City Clerk, City of Lynwoo