HomeMy Public PortalAbout81-157 (12-01-81)
RESOLUTION N0. 81--157
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RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF LYNWOOD APPROVING AND. AUTHORIZ-
ING EXECUTION OF A~COMMERCIAL AND RESI-
DENTIAL PROPERTY REHABILITATION. LO A.N..
AGREEMENT COMPREHENSIVE FORM ~BETWEE~N ~~~~~~- ~~~~°-•~ --° ~-~--~-~
THE CITY OF LYNtiY00D AND BANK OF AMERICA
NATIONAL TRUST AND SAVINGS ASSOCIATION.
WHEREAS, the City has authorized a Housing Rehabilitation
Program and a Commercial Property Rehabilitation Program as part of
an adopted Community Development Block Grant Program; and
NlHEREAS, the City of Lynwood, in order to' impleme'nt~the~
Program has requested Bank of America to make below=market inte'i°est'
rate property rehabilitation,loans; and
WHEREAS, Bank of America is willing to consi'der`making such
property rehabilitation loans in accordance with the terms of -the
Commercial and Residential Property Rehabilitation L`oari~Agreement
Comprehensive Form between City of Lynwood and Bank of America dated
December 1, 1981;
NOW, THEREFORE, the City Council of the City of Lynwood. does
hereby resolve as follows:
SECTION 1: That the Commercial and~Resdental Property
Rehabilitation Loan Agreement Comprehensive Form between~the~~City
of Lynwood and Bank of America National Trust and Savings Association
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is hereby approved.
SECTION 2 : That the Mayor be..::a.uthorized :.to~' exe'cute' Agreement .
SECTION 3: This resolution' shall take effect immediately
upon its adoption.
PASSED, APPROVED AND ADOPTED this ~ 1st day of
Decembe r 1981 .
ATTEST:
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L~IURENE COFFEY, Cit Cle",fik
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Ht~.~ BYORK, :MA, OR
City of; Lynwood
APPRO,I~ED ~ T - FORM : APP OVED AS TO ONT T
1 '• ~~ c `
Ci At or~ey Department Head
a
SmATR pF CALIFORrdIP. )
) SS..
CuUNTY CF LOS APdGELFS )
I, the undersigned, City Clerk of the City of
Lynwood,.. dor-.ere-by-_certify Lhat .the.. forePoing resolution was
passed and adopted by the City Council of the City of Lynwood
at a regular meeting held on the ist
day of DECEMBER , l~ $l.
AYES: Councilmen Green, Morris, Rowe, Thompson and Byork
NOES: Councilmen None
ABSENT: Councilmen None
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' Cit'v 'Clerk, City of Lynwood
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STATE OF CALIFORNIA )
) ss..
COUNTY OF LOS ANGELES )
I, the undersigned, City Clerk
do hereby certify that the above and
was duly adopted by the City Council
regular meeting thereof he
said City on the 1st day of Dece
passed by the following vote:
of the City of Lynwood,
foregoing resolution
of said City at a
Ld in the City Hall of
tuber r 19 .81, and
AYES; COUNCILMEN Green, Morris, Rowe, Thompson, Byork
NOES; COUNCILMEN None
ABSENT ; COUNCIhI~+IEN None
/s/ LAURENE COFFEY /s/~
City Clerk, City of Lynwood
STATE OF CALIFORNIA ) ~ -~-
SS, n.
COUNTY OF LOS ANGELES ) '
I, the undersigned City Clerk of tae City of Lyncaood,
and cler;c 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. _ 81-157 on file in my
office and that said resolution was adopted on the date
and by the vote therein stated.
. _ _ Dated_ t~:s_ day of 19 81 ,
_-_slth ~. DecemberT~,.
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City Clerk, City of L~ n~5ood