HomeMy Public PortalAbout86-009 (02-04-86)r
RESOLUTION NO. 86-9
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LYNWOOD TO APPROVE AN AGREQZEN'P BETWEEN
TF~ CITY AND BANK OF AMERICA TO PROVIDE AN
UPFRONT INTEREST SUBSIDY LOAN PROGRZIM IN
SUPPORT OF Tf~IE CITY'S COMMERCIAL REHABILITATION
LOAN PROGRAM
I
WHEREAS, on November 5, 1985, the City Council of the
City of Lynwood approved a lump sum agreement with Bank of America to
provide low interest loans in support of the City's Commercial Rehabili-
tation Loan Program;
WHEREAS, this contract was terminated on January 23, 1986 in
compliance with HUD guidlines governing lump sum agreements;
WHEREAS, an agreement has been negotiated with Bank of America
to provide a 6o upfront interest subsidy loan program in support of the
City's Commercial Rehabilitation Loan Program;
WHEREAS, this agreement is to cacQnence on February 4, 1986
and end on February 4, 1987.
NCI/~l, THEREEI~RE, the City Council of the City of Lynwood does
hereby find, determine, order and resolve as follocas:
SECTION 1. Approve the agreement between the City of
Lynwood and Bank of America to provide an upfront interest subsidy loan
program at 6o interest in support of its Commercial Rehabilitation Loan
Program effective February 4, 1986 through February 4, 1987.
PASSID, APPROVED and ACOPTED this 4th day of
February 1986.
ATTEST:
~~~~~~
ROBERT HENNING, MAYOR
City of Lynwood
ANDREA L. HOOPER, CITY CLEF APPROVED AS TO CONTEND:
City of Lynwood ~ //
Vicente L. Mas, Acting Director
APPROVED AS TO FORM: Community Development Department
City Attorney Accoumx~ing Manager
STATE OF CALIFORNIA )
ss.
COi7N7.'Y OF LOS ANGELES )
I, the undersigned, City Clerk of the City of Lynwood,
do hereby certify that the above and foregoing resolution was duly
adopted by the City Council of said City at a
regular meeting thereof held in the City Hall of said City on the
4th day of Februa
vote:
1986, and passed by the following
AYES: COUNCILPERSON BYORK, MORRIS, THOMPSON, WELLS, IIENNINC
NOES: NONE
ABSENT: NONE
~~~~~.. ~
City Clerk, City of Lynwood
STATE OF CALIFORNIA )
ss.
COUNTY OF LOS ANGELES )
I, the undersigned City Clerk of the City of Lynwood and
clerk of the City Council of said City, do hereby certify that the
above and foregoing is a full, true and correct copy of Resolution
No. 86-9 on file in my office and that said resolution was adopted
on the date and by the vote therein stated.
Dated this 7th day of February 1986.
~~~~ ~ ~~~
City Clerk, City of Lynwood