HomeMy WebLinkAbout1992-14 CRA
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REL:mb 11/5/92
RESOLUTION NO. 92-14
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA CONCERNING THE
REDEMPTION OR DEFEASANCE OF CERTAIN BONDS OF
THE AGENCY AND PROVIDING FOR THE SALE OF
RELATED MORTGAGE LOANS, PARTICIPATION
CERTIFICATES AND OTHER ASSETS AND AUTHORIZING
THE EXECUTION AND DELIVERY OF ALL NECESSARY
DOCUMENTS
WHEREAS, the Community Redevelopment Agency of the city of
Santa Ana (the "Agency") has heretofore issued its Residential
Mortgage Revenue Bonds, Issue of 1980, Series A, and its
Residential Mortgage revenue Bonds, Issue of 1981, Series A
(collectively, the "Bonds");
WHEREAS, it is now desirable to provide for the redemption or
defeasance of the Bonds and to provide for the sale of mortgage
loans, participation certificates in mortgage loans and other
assets held under the resolutions of the Agency pursuant to which
the Bonds were issued (collectively the "Resolutions");
WHEREAS, the Bonds may be defeased or redeemed without the
necessity of any appropriation of funds by the Agency other than
funds presently held under the Resolutions, and the Agency may
receive a distribution of cash or other assets as a result of the
defeasance or redemption of the Bonds; and
WHEREAS, in connection with such defeasance or redemption it
may be advantageous to sell the mortgage loans (the "Mortgage
Loans") and the participation certificates in mortgage loans (the
Participation certificates") and the Loan Note (the "Lender Note")
presently held under the Resolutions.
NOW, THEREFORE,BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS:
section 1. Subject to section 2 hereto, the Chairman, the
Executive Director, the Secretary and the other officers of the
Agency are hereby authorized and directed, for and in the name and
on behalf of the Agency, to do any and all things and to take any
and all actions and execute and deliver certificates, agreements
and other documents (including, without limitation, the retention
of Orrick, Herrington & Sutcliffe as Bond Counsel, CGMS
Incorporated as financial advisor, execution and delivery of
agreements providing for the sale of the Mortgage Loans, the
Participation certificates and the Lender Note, execution and
delivery of defeasance instructions or defeasance escrow agreements
relating to the Bonds and/or redemption instructions, execution and
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delivery of custody agreements relating to the sale of the Mortgage
Loans, the Participation certificates and the Lender Note,
obtainment of daylight loans to facilitate the defeasance of the
Bonds, sale of assets held under the Resolutions and termination or
transfer of servicing rights with respect to the Mortgage Loans and
the participation certificates), which they, or any of them, may
deem necessary or advisable in order to consummate the defeasance
or redemption of such of the Bonds, the sale of such of the
Mortgage Loans and the Participation Certificates and the sale of
such of the other assets (including the Lender Note) held under the
Resolutions at such time or times as such officers shall determine
to be in the best interest of the Agency, all in accordance with
this resolution. All actions heretofore taken by the officers and
agents of the Agency and by the officers of the City of Santa Ana
with respect to the defeasance or redemption of the Bonds and the
sale of the Mortgage Loans, the Participation certificates and the
Lender Note are hereby approved, confirmed and ratified.
section 2. The defeasance or redemption of Bonds and the sale
of the Mortgage Loans, the Participation Certificates and the
Lender Note shall not be consummated unless such defeasance or
redemption can be accomplished without any appropriation of funds
by the Agency other than funds presently held under the
Resolutions.
section 3.
its adoption.
The resolution shall take effect immediately upon
ADOPTED this
following vote:
17th day of
November
, 1992, by the
AYES:
Members
ACOSTA, NCGUIGAN, NORTON, RICHARDSON, YOUNG
NOES:
Members
ABSENT:
Members
PULIDO AND GRISET
ABSTENTION:
Members
ATTEST:
rfc.lbÃ, tl J~
Cynt ia J. e son
Executive irector
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Chairman .
APPROVED AS TO FORM:
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Agency Legal Counsel
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