HomeMy WebLinkAboutResolution No. 44RESOLUTION NO. 4 _
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA, CALIFORNIA AUTHORIZING
THE ISSUANCE OF $150,000,000 PRINCIPAL
AMOUNT OF RESIDENTIAL,MORTGAGE REVENUE
BONDS FOR THE PURPOSE OF ACQUIRING MORT-
GAGES ORIGINATED WITHIN THE JURISDICTION
OF THE AGENCY
WHEREAS, this Agency desires to issue bonds to acquire
mortgages originated with respect to the hereinafter designated
project; and
WHEREAS, it is in the public interest, for the public bene-
fit and furtherance of the public purposes of this Agency that
this body authorize the issuance of principal amount of bonds
for the purpose.of carrying out the purposes and programs of
the Agency.
NOW, THEREFORE, it is hereby RESOLVED as follows:
Section 1. The Redevelopment Agency of the City of Azusa
(the "Agency") constitutes a redevelopment agency legally and
validly organized and existing under the Community Redevelop-
ment Law, being Part 1, commencing with Section 33000, of
Division 24 of the Health and Safety Code of the State of
California.
Section 2. Pursuant to said Community Redevelopment Law,
the Agency is legally authorized to issue bonds and to use the
proceeds thereof to purchase mortgage and construction loans
on residential property made through a qualified mortgage
lender.
Section 3. This body constitutes the governing body
Of the Agency and is legally authorized to provide for the
issuance of bonds by the Agency.
Sebtion 4. The Agency's Residential Mortgage Financing
Programt e Program") consists of the funding of mortgage
loans for the acquisition and/or construction of owner -
occupied or residential housing located within the juris-
diction of the Agency.
Section 5. Mortgage Revenue Bonds of the Agency (the
"Bonds' are ereby authorized to be issued in the principal
amount of $150,000,000 for the purpose of funding mortgage
and construction loans originating with respect to the Bonds
and for the establishment of a mortgage reserve fund and a
debt service reserve fund to provide for the further security
of the Bonds.
Section 6. The Bonds shall be payable from the revenue
received by the Agency with respect to certain mortgage and
construction loans the Agency intends to purchase from partici-
pating lending institutions, including without limitation, pay-
ments received from policies of insurance on such mortgage and
construction loans.
Section -7. --The Bonds shall be and are special obligations
of the Agency and, subject to the right of the Agency to apply
moneys as provided, are hereby secured by an irrevocable pledge
of the mortgage loans and revenues, and funds and accounts to
be held by the trustee and are payable as to principal, redemp-
tion price, if any, and interest from the revenues of the Agency
as herein described. The Bonds are not a debt of the City
of Azusa, the State of California or any of its political
subdivisions, and neither the City, the State, nor any of its
political subdivisions is liable thereon, nor in any event shall
the Bonds be payable out of any funds or properties other than
all or any part.of the revenues, mortgage loans, and funds and
accounts as in 'this Resolution set forth. The Bonds do not
constitute an indebtedness within the meaning of any constitu-
tional or statutory debt limitation or restriction. Neither the
members of the Agency nor any persons executing the Bonds shall
be liable personally on the Bonds or subject to any personal
liability or accountability by reason of the issuance thereof.
Section 8. The aforesaid -principal .amount: -of $150,000,000
of the Bonds constitutes the aggregate face amount of obligations
to be issued pursuant to the issue of Bonds at this time for the
funding of mortgages originated with respect to the Program.
Section 9. The Chairman of the Agency is hereby authorized
and directed to provide for the sale of the Bonds, and the Agency
shall take such steps as shall be appropriate to implement such
sale and the delivery of the Bonds.
Section 10. This Resolution constitutes a proper exercise
of the powers of this body and conforms to State and local legal
requirements relating to the issuance of residential mortgage
revenue bonds by a redevelopment agency of this State.
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APPROVED AND ADOPTED this day of July , 1980.
ATTEST:
Agency of the City df Azusa
Ch6&haan of he edevelopment
Agency of the City of Azusa
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