HomeMy Public PortalAbout85-137 (11-05-85)Resolution No. 85-137
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
APPROVING AND AUTHORIZING EXECUTION OF A RESIDENTIAL
PROPERTY REHABILITATION LOAN AGREEMENT BETWEEN THE
CITY OF LYNWOOD AND SECURITY PACIFIC NATIONAL BANK
I
WHEREAS, the City has authorized a Housing Rehabilitation
Program as part of an adopted Community Development Block Grant
Program; and
WHEREAS, the City of Lynwood, in order to implement the
Program has requested Security Pacific National Bank to make below
market interest rate property rehabilitation loans; and
WHEREAS, Security Pacific National Bank is willing to con-
sider making such property rehabilitation loans in accordance with
the terms of the Residential Property Rehabilitation Loan Agreement
between the City of Lynwood and Security Pacific National Bank
effective November 16, 1985.
NOW, THEREFORE, the City Council of the City of Lynwood
does hereby resolve as follows:
SECTION 1. That the Residential Rehabilitation Loan Agree-
ment between the City of Lynwood and Security Pacific National
Bank is hereby approved.
SECTION 2. That the Mayor be authorized to execute Agree-
ment.
PASSED, APPROVED and ADOPTED this Sth day of
1985.
ATTEST:
~~~~~ ~~
ANDREA L. HOOPER, City Cl rk
City of Lynwood
APPROVED AS TO FORM:
City Attorney
November
-'JOH D. BYORK, Mayor
City of Lynwood
APPROVED AS TO CONTENT:
/mat/ ~t ~(~~ 1 6-~-~6 `~ ~
Vicente L. Mas, Acting Director,
Community Development Department
/,
Accour~ting 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 1
regular meeting held on the _Sth day of __ November 1985.
AYES: COUNCILMEN HENNING, MORRIS, ROWS, TIIOMPSON, BYORK
NOES: NONE
ABSENT: NONE
City Clerx. City of Lvnwo d