HomeMy Public PortalAbout85-139 (11-05-85)Resolution No. 85-139
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
APPROVING AND AUTHORIZING THE EXECUTION OF A COMMERCIAL
PROPERTY REHABILITATION LOAN AGREEMENT BETWEEN THE CITY
OF LYNWOOD AND BANK OF AMERICA NATIONAL TRUST AND SAV-
INGS ASSOCIATION
WHEREAS, the City has authorized a Commercial Rehabilitation
Program as part of an adopted Community Development Block Grant
Program; and
WHEREAS, the City of Lynwood in order to implement the Pro-
gram has requested Bank of America to make below-market interest
rate rehabilitation loans; and
WHEREAS, Bank of America is willing to consider making such
property rehabilitation loans in accordance with the terms of the
Commercial Property Rehabilitation Loan Agreement between the City
of Lynwood and Bank of America effective November 16, 1985.
NOW, THEREFORE, the City Council of the City of Lynwood
does hereby resolve as follows:
SECTION 1. That the Commercial Property Rehabilitation
Loan Agreement between the City of Lynwood and Bank of America
National Trust and Savings Association is hereby approved.
SECTION 2. This resolution shall take effect iicunediately
upon its adoption.
1985.
ATTEST:
ANDREA L. HOOPER, City Clerk
City of Lynwood
APPROVED AS TO `r'ORM:
~~ ~~
/ City Attorney
PASSED, APPROVED, and ADOPTED this Sth day of Novemher
ity of Lynwood
APPROVED AS TO CONTENT:
l
/,i" /~~~~~/
VICENTE L. MAS Acting Director
Ccamm>>nit.y,: Development Department
ie U~:
Accou ping 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
regular meeting held on the Sth day of N mramhPr 1985.
AYES: COUNCILMEN HENNING, MORRIS, ROWE, TI-IOMPSOi~, BYORK
NOES: NONE
ABSENT: NONE
~~S i ~G~~
City Clerk, City of Lyn ood