HomeMy WebLinkAbout1984-08 CRA
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02/29/84
RESOLUTION NO. ~
A RESOLUTION AUTHORIZING AND DIRECTING THE EXECUTION OF
SUPPLEMENT TO COMMITMENT CONTRACT (AND RESERVATION
OF FUNDS)
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA
RESIDENTIAL MORTGAGE REVENUE BONDS
ISSUE OF 1981, SERIES A
RESOLVED, by the Community Redeve I opment Agency of the City of Santa
Ana, California, as follows:
WHEREAS, the Agency pursuant to Resolution No. 81-40, adopted May 26,
1981, authorized the issuance of $15,730,000 principal amount of Residential
Mortgage Revenue Bonds (the "Bonds"), pri nci pa 11 y to provi de funds to permi t
the Agency to acquire participation interests in a mortgage loan pool (the
"Mortgage Loan Participation") and to make a loan to First Nationwide Savings,
a Federal Savings and Loan Association (formerly Citizens Savings and Loan
Association), as qualified mortgage lender (the "Qualified Mortgage Lender"),
for the purpose of providing the permanent financing for approximately 159
residential condominium units (the "Development") to be constructed and
marketed by the Developer;
WHEREAS, in order to reserve proceeds of the Bonds to provide such
fi nanci ng, the Developer entered into a Commitment Contract (and Reservation
of Funds) (the "Contract") with the Agency dated as of May 26, 1981, which
provided, among other things, that the proceeds of the Bonds so reserved must
be applied to such financing by March I, 1984, unless the Agency should agree
to extend the period for such application as in Resolution No 81-40 permitted;
WHEREAS, the Developer has requested the Agency to so extend such period
as in the Resolution permitted and as hereinafter provided;
WHEREAS, a form of Supplement / to the Commitment Contract (and
Reservati on of Funds) wherei n the Agency agrees, among other th i ngs, to such
extension, has been presented to and reviewed by the Agency (with the aid of
the staff); and
WHEREAS, the public interest will be served by the extension of the
period for such application of the Bond proceeds;
NOW, THEREFORE, in consideration of the mutual promises herein set
forth, it is hereby agreed as follows:
1. The Supplement to the Commitment Contract (and Reservation of
Funds) with Santa Ana Intown II (the "Developer") is hereby approved and the
Executive Director of the Agency is hereby authorized and directed to execute
the same on behalf of the Agency.
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RESOLUTION NO. 84-8
PAGE TWO
2. The Executive Director shall deliver an appropriate officer's
certificate and a certrificate of pledged revenues to Security Pacific
National Bank as the Trustee for the Bonds, together with an opinion of the
Agency's bond counsel approving the agreement to extension in accordance with
the provisions of Resolution No. 81-40.
3.
This Resolution shall become effective Immediately upon adoption.
ADOPTED this 20th day of
March
, 1984.
MEMBERS: Acosta, Bricken, Griset, Johnson,
Luxembourger, McGuigan, Young
MEMBERS: None
AYES:
NOES:
ABSENT:
MEMBERS: None
I
R'tC~
Mayor, .""'.
APPROVED AS TO FORM:
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