HomeMy Public PortalAbout85-012 (02-19-85)RESOLUTION cdO. 8 5 -12
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LYNUIOOD APPROPRIATING FUNDS AS A LOAN TO
THE LYNVvbOD REDEVELOPMENT AGENCY FOR THE
ALAMEDA PROJECT AREA
WHEREAS, pursuant to Sections 33610 et seq. of the Health
and Safety Code of the State of California, a City Council may appropriate
to a redevelopment agency such amounts as the Council deems necessary for
(~^ the administrative expenses and overhead of the agency; and
WI~REAS, the aforesaid sections permit such amounts to be paid
to a redevelopment agency as a loan to be repaid upon such terms and conditions
as the City Council may provide; and
V~REAS, the City Council of the City of Lynwood hereby determines
that the sum of $450,000 is and will be necessary for the administrative
expenses and overhead of the Lynwood Redevelopment Agency Alameda Project
Area,
NGW, THEREFORE, the City Council of the City of Lynwood hereby
does resolve as follaas:
Section 1. The sum of $450,000 is hereby appropriated fran the
General Fund of the City of Lynwood as a loan to the Lynwood Redevelopment
Agency for the administrative expenses and overhead of the Alameda
Redevelopment Project Area. In Addition, the c~unon 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
paid to the Lynwood Redevelopment Agency as a loan to be repaid to the City
of Lynwood as follaas:
(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 fran
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
for a 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 - day/of 1985.
~i
Gail ~'/~_ ~~~~_
~ JO D. BYORK, Ma r
'-' City of Lynwood
ATTEST:
ANDREA L. HOOPF,R, City Clerk
City of Lynwood
APPROVED TO FORM•
/ / ~` ..
Ci y AttoZn y
APPROVED AS TO CONTEND:
~~~
PATRICY. P. IMPO - Director,
C~nmunity Development
BARBARA FIKEL, Accounting Manager
STATE OF CALIFORNIA )
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 19th day of February 1985.
AYES; COUNCILMEN HENNING, MORRIS, ROWE, THOMPSON, BYORK
NOES: NONI:
ABSENT: NONE
City Clerk, City of Lynwood T.,