HomeMy WebLinkAbout1984-12 CRA
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6/14/84
RESOLUTION NO. 84- 12
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA TO AMEND THE
DEFINITIONS OF "BOND YEAR" AND "ASSET COVERAGE
TEST" IN RESOLUTION NO. 80-75, PERTAINING TO
RESIDENTIAL MORTGAGE REVENUE BONDS ISSUED BY
THE AGENCY
WHEREAS, by its Resolution No. 80-75, adopted July I,
1980, this Agency authorized the issuance of Residential Mortgage
Revenue Bonds for the purpose of purchasing mortgage loans to
provide financing for a residential construction project; and
WHEREAS, said bonds have since been issued as the
Residential Mortgage Revenues Bonds of the City of Santa Ana,
Issue of 1980 Series A; and
WHEREAS, although said Resolution No. 80-75 defines
the term "bond year" as commencing on June 2 of each year and
ending on June I of the following year, all schedules refer to
the bond year as commencing on July I of each year and ending
on June 30 of the following year; and
WHEREAS, the said Resolution No. 80-75 defines the
term "asset coverage test" to provide for a minimum reserve of
$230,000, the official bond indenture defines "asset coverage
test" to provide for a minimum reserve of $300,000; and
WHEREAS, the Agency now desires to amend its author-
izing resolution to conform its definitions of "bond year' and
"asset coverage test" to the schedules and indenture;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY RE-
DEVELOPMENT AGENCY OF THE CITY OF SANTA ANA the Resolution
No. 80-75 of said Agency is hereby amended as follows:
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RESOLUTION NO. 84-12
PAGE TWO
I. In Article I, Section 101, the definition of "Asset
Coverage Test" is amended by deleting the figure "$230,000" and
inserting in lieu thereof the figure "$300,000."
2. In Article I, Section 101, the definition of nBond
Year,n the dates nJune 2" and nJune I" are amended to read
"July In and "June 30n respectively.
ADOPTED this 25th day of
by the following votes:-----
,1984,
June
AYES:
MEMBERS: ACOSTA, BRICKEN, ~RISET, JOHNSON,
LUXEMBOURGER, McGUIGAN and YOUNG
MEMBERS: NONE
NOES:
ABSENT:
MEMBERS: NONE
ATTEST:
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Executive Directorl
Recording Secretary
APPROVED AS TO FORM:
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