HomeMy Public PortalAbout85-136 (11-05-85)RESOLUTION NO. 85-136
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LYNWOOD TO APPROVE THE TRANSFER OF $113,943
IN PROGRAM INCOME FROM HOME BANK TO BANK OF
AMERICA IN SUPPORT OF IT'S COMMERCIAL REHABILI-
TATION PROGRAM FOR FISCAL YEAR 1985-86
WHEREAS, the City of Lynwood has authorized a Commercial Re-
habilitation Program as part of its adopted Community Development
Block Grant Program; and
WHEREAS, the City of Lynwood has approved an agreement totall-
ing $167,000 with Bank of America which includes $113,943 in pro-
gram income to provide low interest commercial rehabilitation loans
to Lynwood businesses; and
WHEREAS, the City's current Commercial Rehabilitation loan
agreement with Bank of America expires November 16, 1985.
NOW, THEREFORE, the City Council of the City of Lynwood does
hereby resolve as follows:
SECTION 1. That the transfer of $113,943 in program income
from the City's checking account at Home Bank to Bank of America in
support ofit':, rrmmercial Rehabilitation loan program is hereby
approved.
PASSED, APPROVED, and ADOPTED this
1985.
5th day of November
OHN BYORK, Mayor
City of Lynwood
AT'PEST
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ANDREA L. HOOPER, City Clerk
City of Lynwood
APPROVED AS TO FORM:
APPROVED AS TO CONTENT:
VI NTE L. MAS, Acting Director
Community Development Depart.
City Attorney Acc nuoAcc ding Manager
Acting
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 re-
gular meeting held on the Sth day of November 1985.
AYES: COUNCILMEN HENNING, MORRIS, ROWE, THOMPSON, BYORK
NOES: NONE
ABSENT: NONE
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ANDREA L. HOOPER City C erk
City of Lynwood
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