Contracts / County
Contract amendment · approved January 26, 2021
Loan modification for Clínica Monseñor Oscar A. Romero
LA County · County
What it pays for and how it works
On January 26, 2021, the Board approved changes to an existing County loan to Clínica Monseñor Oscar A. Romero, a community health clinic. The CEO was directed to execute an amended 30-year promissory note dated February 13, 2003, in the amount of $797,019.80, with an amended deed of trust.
The changes lower the interest rate to 0%, defer principal payments for two years starting September 1, 2020, extend the term to January 1, 2035, and waive four months of late fees totaling $1,325.88. The Board found, under Government Code 26227, that the clinic's services are necessary to meet County health care needs and serve a public purpose.
The item (Item 17, File 21-0210) was a revised motion by Supervisor Solis, continued from January 5, 2021, and passed 5-0. The record does not state the original purpose of the loan, the department that made it, the clinic location or the reason for the modification. It is not clear from the record whether $797,019.80 is the original principal or the current balance.
Where the money comes from
Not found. The record does not state which County fund made the original 2003 loan. The modification reduces the interest the County receives and delays repayment. It does not spend new County money.
Records
Approved amounts are the most that can be spent, not money already paid. Payments show up later in the City's Checkbook L.A. or the County's expenditure data.
Approved the same day
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