HomeMy Public PortalAbout86-081 (07-01-86)RESOLUTION NO. 86-81
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LYNWOOD TO RESCIPdD THE LUMPSUM AGREEMENT
WITH SECURITY PACIFIC NATIONAL BANK AND RE-
PLACE IT WITH AN INTEREST SUBSIDY AGREEMENT
TO PROVIDE LOW INTEREST HOUSING REHABILITATIOIQ
LOANS TO LYNWOOD RESIDENTS
WHEREAS, on November 5, 1985, the City Council approved a
Lumpsum Agreement with Security Pacific National Bank to provide
financial services in support of its Residential Rehabilitation
Program for fiscal year 1985-86; and
WHEREAS, on April 9 and 10, 1986, HUD conducted a monitoring
review of the City's Reiidential Rehabilitation Program and re-
commended that the City terminate said agreement because of the
lack of sufficient "leveraging power" to meet the City's needs;
and
WHEREAS, the City desires to terminate said Agreement in
compliance with the provisions contained in the Agreement and HL'D
recommendations; and
WHEREAS, the City desires to replace said Lumpsum :agreement i
with an Interest Subsidy Agreement with Security Pacific National !
Bank.
NOW, THEREFORE, the City Council of the City of Lynwood does
hereby resolve as follows:
SECTION 1. That the Lumpsum Agreement with Security Pacific
National Bank be terminated in compliance with HUD recommendations
and contract provisions.
SECTION 2. That said Lumpsum Agreement be replaced with an
Interest Subsidy Agreement with Security Pacific National Bank
effective the date of termination.
SECTION 3. That the Mayor of Lynwood be authorized to sign
said agreement.
PASSED, APPROVED and ADOPTED this 1st day of July 1986.'
A'PTEST
ROBERT HENNING, OR
City of Lynwood
ANDREA L. HOOPER, CITY C ~RK
City of Lynwood APPROVED AS TO CONTENT:
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VI ENTE L. AS, DIRECTOR
APPROVED AS TO FORM: Community Development Department
CITY ATTORNEY ACCOING MANAGER
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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 1st day of July 1986.
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AYES: COUNCILPERSON BYORK, MORRIS, THOMPSON, k'ELLS, [IENNING
NOES: NONE
ABSENT: NONLi
ANDREA L. HOOPER, CITY CL K
City of Lynwood
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