HomeMy Public PortalAbout86-093 (08-05-86)RESOLUTION NO. 86-93 _
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF LYNWOOD APPROVING A LOAN TO THE LYNWOOD
REDEVELOPMENT AGENCY
WHEREAS, pursuant to Sections 33610 et seq. of the
Health and Safety Code of the State of California, a City Council
may appropriate to a redevelopment agency such amounts as the
Council deems necessary for the administrative expenses and
overhead of the agency; and
WHEREAS, the aforesaid sections permit such amounts to
be paid to a redevelopment agency as a loan to be repaid upon
such terms and conditions as the City Council may provide; and
WHEREAS, the City Council of the City of Lynwood hereby
determines that the sum of $600,000 is and will be necessary
for the administrative expenses and overhead of the Lynwood
Redevelopment Agency Alameda Project Area,
NOW, THEREFORE, the City Council of the City of Lynwood
hereby does resolve as follows:
Section 1. The sum of $600,000 hereby is approved
as a loan to the Lynwood Redevelopment Agency from the General
Fund of said city to Lynwood Redevelopment Agency, and shall be
used for administrative expenses and overhead. In addition, the
common understanding and usual interpretation of the term,
"administrative expense" includes, but is not limited to,
expenses of redevelopment planning and dissemination of
redevelopment information.
Section 2. The money loaned by this resolution is to
be paid to the Lynwood Redevelopment Agency as a loan to be
repaid to the City of Lynwood as follows:
(a) Repayment shall be made from and to the extent
that funds are available to Agency for such
purpose pursuant to California Health and Safety
Code, Section 33670 or from other sources;
provided, however, that Agency shall have the sole
exclusive right to pledge any such sources of
funds to the repayment of other indebtedness
incurred by Agency in carrying out the
redevelopment project.
(b) The obligation for repayment shall bear interest
until repayment is made at the maximum rate
permitted by law.
(c) Although the parties recognize that payment may
not occur for a few years and that repayment may
also occur over a period of time, it is the
express intent of the parties that City shall be
entitled to repayment of the expenses incurred by
City under this Agreement, consistent with
Agency's financial ability, in order to make City
whole as soon as practically possible.
PASSED, APPROVED and ADOPTED this 5th day of .August
1986.
OBERT HENNING
City of Lynwood
ATTEST:
~~ ~D~
ANDREA L. HOOPER, City~Clerk
City of Lynwood
APPROVED AS TO FORM:
~ `~~~~
City Attorney
STATE OP CAI,IPORNIA )
COLIN'1'Y OF LOS ANGELES )
ss.
APPROVED AS TO CONTENT:
cente Mas, Director,
Community Development
Donald J, raser, Acting
Assistant City Manager
I, the undersigned, City Clerk of: the City of Lvmvood
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 o.f. August 1.986.
City Clerk, City o hyn o0
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