HomeMy Public PortalAbout80-091 (09-02-80)RESOLUTION NO, g0-91
A RE~OLUTION OF THE CITY COUNCIL OF THE CITY OF
LYNWOOD ESTABLISHING A REDEVELOPTr7ENT AGENCY
ALA~4EDA PROJECT ADMINISTRATIVE FUND AND APPROPRI-
ATING FUNDS AS A LOAN TO THE LYNWOOD REDEVELOP-
MENT AGENCY.
t^IHFREAS, 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 deter-
mines that the sum of $110,000 OO~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
1. The sum of $110,000.00 hereby is appropriated as a loan to
the Lynwood Redevelopment Agency from the general fund of said city to
the Lynwood Redevelopment Agency Alameda Project Administrative Fund,
The Redevelopment Agency Alameda Project Administrative Fund 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.
2. The Agency shall annually submit to the City Council a
proposed budget of its administrative expenses.
3. The money appropriated by this resolution shall be retained
in the City treasury in a special fund to be known as the Lynwood Re-
development Agency Alameda Project Administrative Fund Upon the approv-
al of a majority of the Members of the Agency, money shall be drawn
from said fund to meet the administrative expenses of the Agency in sub-
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stantially the same manner as money is drawn by other agencies and
departments of the City which are subject to budgetary control.
4. The money appropriated 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. Simple interest on said sum shall accrue at the rate
of l0o per annum, or such higher rate as may be permitted
by law, not to exceed the rate earned by the City from
the investment of its own funds, from the date of this
resolution until such time as said sum is repaid to the
City of Lynwood.
b. The sum appropriated to the Agency, as well as accrued
interest thereon, shall be re~aid to the City by the Agency
from tax increment revenues which become ava~ilable to it to
pay the costs, loans, moneys advanced to, or indebtedness
incurred by the Agency.
5. The Lynwood Redevelopment Agency shall annually file
with the City Council of the City of Lynwood a detailed report of
all the Agency's transactions including a statement of all revenues
and expenditures. Said statement shall be filed on or before
August 31 of each year for the fiscal year ending the previous
June 30.
- --- APPROVED_AND ADOPTED this 2nd day of Septemb.er, 1980: --
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' ATTEST:
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L ~UR NE COFFEY, CITY ,ER
CITY OF LYNWOOD
CITY OF LYNWOOD
STATE OF CALI~ORNIA )
) ss.°
COUNTY 0~~ r OS AlVGELES }
Is the unctersi~ned, City Clerk of the C~ty of
Lynwuod, do hereby certify that the f`oregain~ resolution wa~
passed and adc~pted by the City C~uncil af the City of Lynwood
at a regular meeting held on ~he 2rid
da~ of SEPTEMBER j 1q80.
AYES Councilmen; BYORK, MORRIS, THOMPSON, GREEN.
NOES Councilmen; ROWE.
ABSENT° Councilmen• NONE.
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City Clerk, City ~f Lynwood
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STATE OF' CALIFORNIA ~
COUNTY:. OF LOS ANGELES ss ..~
I., the un.dersigned., City Clerk of' the City~ of. Lynwood,
do hereby certify~ that the- above and.. f.oregoing resolution.
was duly adopted by the City Council of said~ Gi:ty at a
° regular~ neeting- thereof.~ heTd, in. the C_ity_ Ha11. of. ~~
said.. Ci.ty on the = day~ of SEPTEMBER. , ~ 9 80 ~
and passed by the follow~ing vote•
AYES. COUNCILMEN --BYORK, MORRIS, THOMPSON, GREEN.
NOES COUNCILI`~EN - ROWE.
ABSENT:. COUNCILMEN -= NoNE.
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/s./' LAURENE COFFEY /s/
City Glerk, City o~f Lynwood..
STATE..OF~ CALIFORNIA: { ~ ' -
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COUNTY: OF LOS ANGELES'
I, the~ undersigned City~ Clerk, of the- City of Lynwood,
and: cler4c: of the City~ Council of said City, do hereby
certify- triat the abo-ve_ and- foregoing is a full, true and
correct~ copy~ of Resolut.i:on No. 8_,0_-91 . on file in my
of.fice. and that said resol.ution was. adopted.on the date.
and, by~ the vote ther.ein stated...
Dated this 4th day of SEPTEt7BER ~ ~ 19 80.
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City Clerk, City f nwood.
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