HomeMy WebLinkAbout87-032RESOLUTION NO. 87-32
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA
ANA APPROVING EXTENSION OF 1985 HOME MORTGAGE
REVENUE BOND PROGRAM, AND APPROVING AND AUTHORIZING THE
EXECUTION OF DOCUMENTS AND DIRECTING ACTIONS IN
CONNECTION THEREWITH
WHEREAS, on July 31, 1985, the City of Santa Aha, California
(the"City") issued its $18,499,040 aggregate principal amount of
Home Mortgage Revenue bonds, 1985 Series A (the"Bonds") in order
to provide funds to make home mortgages with respect to single
family residences located within the City (the "Program");
WHEREAS, a portion of the proceeds of the Bonds was reserved
by the City for use in connection with the financing of home
mortgages on such homes as the City determines;
WHEREAS, Section 303,(D)(1) of the Trust Indenture for the
Bonds (the "Trust Indenture") provides that unless certain
actions are taken by the City on or before May 1, 1987,
including the payment of certain funds, all amounts reserved for
use in the funding of home mortgages under the Program will
instead be used to redeem a portion of the Bonds;
WHEREAS, bond counsel to the City in connection with the
Bonds, and the City's financial advisor with respect to the
Program have advised the City that an extension of the
availability of funds under the Program is permissible and
feasible provided that certain funds are paid to the trustee for
the Bonds and certain amendments to the program documents are
prepared and executed;
WHEREAS, the Community Redevelopment Agency of the City of
Santa Ana (the "Agency") is willing to provide the funds (in an
amount not to exceed $7,000) necessary to accomplish the
extension from housing set-aside monies held by it; and
WHEREAS, it is the desire of the City to extend the
availability of funds under the Program for the making of home
mortgages in order to further the provision of decent, safe and
sanitary housing to persons of iow and moderate income within
the City all as contemplated by the Program.
NOW, THEREFORE, the City Council of the City of Santa Aha
resolves as follows:
1. In order to provide for an extension of funds under the
Program for use in connection with the making of home mortgages,
the City hereby authorizes and directs the Executive Director of
the Community Development Agency of the City to execute and
deliver, for and in the name and on behalf of the City, such
amendments to the Program documents as the Executive Director,
upon consultation with bond counsel to the City and the City
RESOLUTION NO. 87-32 16i
PAGE 2
Attorney, deems necessary or advisable to accomplish said
extension.
2. Any monies required in connection with the extension
shall be paid by the Agency, which payment the City hereby
approves, provided that no more than $7,000 is paid by the
Agency in connection with the extension.
3. The City hereby agrees that it will not charge an
amount in excess of 2% of the amount so extended in connection
with the transfer of such amount and/or the funding of home
mortgages in connection therewith. It is hereby acknowledged
that the foregoing statement was required by bond counsel in
order to provide an oginion that the extension was in accordance
with the terms of the Trust Indenture.
4. The Executive Director of the Community Development
Agency and the other officers of the City responsible for.the
Program are hereby authorized and directed, for and in the name
and on behalf of the City, to execute and deliver such other
certificates, agreements or documents which they, or any of
them, deem necessary or advisable in order to consummate the
extension described herein, including, but not limited to, any
documents required on the part of the City by Section 303(D)(1)
of the Trust Indenture.
5. This resolution shall take effect immediately upon its
adoption.
ADOPTED, this 21st day of April
following vote:
, 1987 by the
AYES:
MEMBERS: Acosta, Hart, May, McGuigan, Pulido, Young
NOES: MEMBERS: None
ABSENT: MEMBERS: Griset
ATTEST:
D~~E~H.~YOU~YOR
APPROVED AS TO FORM: