HomeMy Public PortalAbout86-013 (02-18-86)• ~ ~:.
RESOLUTION NO. 86-13
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LYNWOOD AMENDING THE CITY'S AGREEMENT WITH SECURITY
PACIFIC NATIONAL BANK FOR ITS RESIDENTIAL REHABILI-
TATION LOAN PROGRAM '
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WHEREAS, on November 5, 1985, the City Council approved an
agreement with Security Pacific National Bank to provide financial
services in support of its Residential Rehabilitation Loan Program
for fiscal year 1985-86;
WHEREAS, a provision of said Agreement designates Security
Pacific National Bank with the reponsibility for processing
Deferred Payment Loans;
WHEREAS, existing Residential Rehabilitation Program guidelines
designates HCDA staff with primary responsibility for processing
Deferred Payment Loans;
WHEREAS, there is a need to amend the City's current agreement
with Security Pacific National Bank relative to processing De-
ferred Payment Loans to correct a duplication of services between
Bank and City.
NOW, THEREFORE, the City Council of the City of Lynwood does
hereby find, determine, order and resolve as follows:
SECTION 1. The City's Agreement with Security Pacific National
Bank for the Residential Rehabilitation Loan Program for fiscal
year 1985-86 is hereby amended to read as follows:
A. Section 10 - Deferred Loan Program (Part i)
"(i) In addition to the proceding compensating balance
program the City desires that after notification to
bank in writing, the Bank shall execute the transfer of
loan funds to a designated third party.
B. Section 11 Document Preparation-Deferred Loans
(Part A and C):
"A. Each loan shall be funded in whole by City, evi-
denced by a Promissory Note and Deed of Trust, which
deed shall be recorded by City. City shall prepare all
necessary loan documents with the City designated as
obligee. Bank at the direction of the City shall transfer
funds from the City's residential rehabilitation account
to a designated escrow company for disbursement".
"C~ City will incur no cost for this service:'
C. Incorporate the Emergency Grant 7-assistance component
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SECTION 2. This Resolution shall take effect immediately upon
its adoption.
PASSED, APPROVED AND ADOPTED this 18th day of FebruarL_
1986.
ATTEST:
ROBERT HENNING, M or
City of Lynwood
C~~-~-. of /~
ANDREA L. HOOPER, Ci y Clerk
City of Lynwood
APPROVED AS TO FORM:
V~ENTE L. MAS, Acting Director
Community Development Department
APPROVED AS TO FORM:
~~. /~~_
CITY ATTORNEY L*~'~ ~~,,l(
ACCOUN NG MANAGER
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 18th day of February 1986.
AYES: COUNCILPERSON BYORK, MORRIS, TIIOMPSON, WELLS, HENNING ~
NOES: NONE ~~
ABSENT: NONE J
City Clerk, City of Lyn ood