HomeMy WebLinkAbout1980-05 HA
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7/25/80
RESOLUTION NO. 80-5
A RESOLUTION OF THE HOUSING AUTHORITY OF THE
CITY OF SANT~ ANA AUTHORIZING THE EXECUTIVE
DIRECTOR TO EXECUTE CERTAIN DOCUMENTS PUR-
SUANT TO THE PROPERTY REHABILITATION LOAN
PROGRAM
WHEREAS, pursuant to that certain agreement dated
August 2, 1977, the City of Santa Ana and the Housing Authority
of the City of Santa Ana ("Authority") agreed to pledge"as
security for loans from United California Bank ("Bank"),
promissory notes executed by homeowners to whom Authority
loaned'money for property rehabilitation purposes; and
WHEREAS, pursuant to that certain agreement dated
November 6, 1978, Authority agreed to pledge, as security
for loans from Bank, promissory notes executed by homeowners
to whom Authority loaned money for property rehabilitation
purposes; and
WHEREAS, pursuant to that certain agreement dated
May 6, 1980, ("said agreement") Authority agreed to pledge,
as security for loans from Bank, promissory notes executed
by homeowners to whom Authority loaned money under its
provisions; and
. WHEREAS, said agreement provides for an assignment
of trust deeds executed by borrowers as security for loans
from Authority, the execution by Authority of a security
agreement, of a written request by Authority for each loan
application Authority desires Bank to process after Bank's
initial disapproval of said application and of other documents
necessary to the implementation of said agreement; and
WHEREAS, Authority authorized its Executive Director
on May 5, 1980 to execute Authority notes made under the
provisions of said agreement, dated May 6, 1980; and
WHEREAS, Authority desires by this Resolution to
ratify the May 5, 1980 authorization of Authority's Executive
Director to execute Authority promissory notes; and
WHEREAS, Authority desires to authorize its Executive
Director to assign to United California Bank promissory
notes made by homeowners borrowing under the terms of the
August 2, 1977 agreement, the November 6, 1978 agreement and
the May 6, 1980 agreement; and
,
WHEREAS, Authority also desires to implement the
provisions of said agreement by authorizing its Executive
Director to execute an assignment of borrower trust deeds, a
security agreement, requests by Authority for Bank to process
certain loan applications which Bank has initially disapproved
and all other documents required to be executed by Authority
pursuant to the May 6, 1980 agreement.
NOW, THEREFORE, BE IT RESOLVED by the Housing
Authority of the City of Santa Ana as follows:
1. The action of the Housing Authority of May 5,
1980 authorizing its Executive Director to sign Authority
notes is hereby ratified.
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RESOLUTION NO. 80- 5
Page Two
2. The Executive Director of the Housing Authority
is hereby authorized to assign all homeowner-borrower promissory
notes to united California Bank in accordance with the terms
and conditions of agreements between the Housing Authority
and United California Bank, forms dated August 2, 1977,
November 6, 1978 and May 6, 1980.
3. The Executive Director of the Housing Authority
is hereby authorized to execute an assignment of trust
deeds, a security agreement., request by the Housing Authority
to United California Bank to process certain loan applications
which United California Bank has initially disapproved and
all other documents required to be executed pursuant to the
agreement betWeen the Housing Authority and United California
Bank executed on May 6, 1980.
ADOPTED this 4th
the following vote:
day of Auqust
, 1980, by
,AYES:
MEMBERS:
Serrato, Luxanbourger,
Ward, Griset
Markel
YëII11aIOOto ,
NOES:
MEMBERS:
ABSENT:
A=~~
EXEC D RECTOR
HOUSING AUTHORITY
APPROVED AS TO FORM: