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HomeMy WebLinkAboutResolution No. 94RESOLUTION NO. 94 RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA AMENDING RESOLUTION NO. 82 RELATING TO THE RESIDENTIAL MORTGAGE. REVENUE BONDS, 1981, SERIES A WHEREAS, the developer has requested that the interest rate on a portion of the Mortgage Loans to be originated in accordance with the Program Documents as defined in Resolution No. 82, be reduced; and WHEREAS, the Holder of the entire aggregate principal amount of Bonds outstanding has consented to such reduction and to a reduction in the interest rate payable on a portion of the Bonds. NOW, THEREFORE, the Redevelopment Agency of the City of Azusa does resolve as follows: Section 1. Section 203 of Resolution No. 82 is hereby amended to read as follows: "203. Date and Maturities. The Bonds shall be dated December 21, 1791—and shall mature on December 1, 1989. The Bonds shall bear interest from their date at the rate set forth in the Bond." Section 2. The form of the Bond set forth in Section -1501 of Resolution No. 82 is hereby amended to read substantially in the form attached hereto as Exhibit A. Section 3. This Resolution is adopted pursuant to the provisions o rticle XI of Resolution No. 82 with the consent of 100% of the holders of the Bonds. A copy of the Consent of Bondholders is on file in the offices of the Agency. This Resolution shall take effect immediately. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Azusa at a regular meeting thereof held on the 20th day of December, 1982 by the following vote of Council: AYES: DIRECTORS: CRUZ, DECKER, HART, LATTA, AND MOSES NOES: DIRECTORS: NONE ABSENT: DIRECTORS: NONE EUGEN F. MOSES, Chairman Rede lopment Agency of the City of / Azusa Redevelopment Agency of City of Azusa No. R (FORM OF REGISTERED BOND) Redevelopment Agency of the City of Azusa Los Angeles County, State of California Residential Mortgage Revenue Bond 1981 Series A KNOW ALL MEN BY THESE PRESENTS that the Redevelopment Agency of the City of Azusa (hereinafter sometimes called "Agency") a public body, corporate and politic, organized and existing under, and by virtue of, the laws of the State of California, for value -received, hereby promises to pay, from the sources of funds hereinafter described, to or registered assigns, the principal sum of DOLLARS ($ ) on the 1st day of December, 1989, unless Pedeemed prior thereto as hereinafter provided, upon the presentation and surrender hereof at the corporate trust office of First Interstate Bank of California, in the City of Los Angeles, State of California, or its successors, as trustee (herein called the "Trustee") under Resolution No. 82, "A Resolution of the Redevelopment --Agency of the City of Azusa Authorizing the Issuance of Residential Mortgage Revenue Bonds, 1981 Series A", (herein called the "Resolution") adopted by the Agency on December 7, 1981, and to pay to the registered owner hereof by check or draft of the Trustee interest on such principal sum from the. date hereof at the rate of ten and fifteen one-hundreths percent (10.158) per annum commencing on June 1, 1982 and semiannually thereafter on the first day of December and June of each year; provided, however, that such rate may be adjusted in the event Mortgage Loans are originated in a total principal amount of less than $1,100,000. Such interest rate to be determined by dividing the annual fee of the Trustee by the total principal amount of Mortgage Loans and subtracting the result and the servicing fee of one-half of one percent (.58) from the Mortgage Loan interest rate. Principal of and interest on this Bond are payable in lawful money of the United States of America which at the time of payment is legal tender for the payment of public and private debts. This Bond is a special obligation of the Agency and is one of a duly authorized issue of bonds of the Agency issued in the aggregate principal amount of $1,100,000, designated -2- 0565P/2239/00 "Residential Mortgage Revenue Bonds, 1981 Series A" (herein called the "Bonds"), issued under and pursuant to Chapter 8, commencing with Section 33750, of Part 1 of Division 24 of the Health and Safety Code of the State of California, as now or hereafter amended (herein called the "Act"), and under and pursuant to the Resolution. Copies of the Resolution are on file at the office of the Agency and at the corporate trust office of the Trustee, and reference to the Resolution and any and all supplements thereto and modifications and amendments thereof and to the Act is made for a description of the pledges and covenants securing the Bonds, the nature, extent and manner of enforcement of such pledges, the' rights and remedies of the bearers or registered owners of the Bonds with respect thereto and the terms and conditions upon which the Bonds are issued and may be issued thereunder. To the extent and in the manner permitted by the terms of the Resolution, the provisions of the Resolution or any resolution amendatory thereof or supplemental thereto, may be modified or amended by the Agency, with the written consent of the holders of at least two-thirds in principal amount of the Bonds then outstanding. This Bond is transferable, as provided in the Resolution, only upon the bond register kept for that purpose at the corporate trust office of the Trustee by the registered owner hereof in person, or by his attorney duly authorized in writing, upon the filing of (1) a written instrument of transfer satisfactory to the Trustee duly executed by the registered owner or his attorney duly authorized in writing; (2) an indemnity agreement as provided for in the Resolution; and (3) a Purchaser's Certificate as provided for in the Resolution. Upon the transfer of this Bond, the Trustee shall endorse the name of t;be transferee on the Bond and the books of the Trustee maintained for such purpose. The Bonds are issuable in the form of registered Bonds without coupons ("Fully Registered Bonds") in denominations of $50,000. The Bonds are also subject to special mandatory redemption in whole or in part in the manner provided in the Resolution, at the principal amount thereof and accrued interest thereon, without premium, (i) at any time from and to the extent there are funds in the mortgage loan account as established by the Resolution which have not been applied to the making of mortgage loans within three (3) years from the date of delivery of the Bonds; and (ii) on any interest payment date from and to the extent revenues have been deposited in the prior redemption fund all as provided in the Resolution. The Agency reserves the right to determine that a date four (4) years rather than three (3) years from the date of delivery of the Bonds shall be the date upon which the Bonds become subject to special mandatory redemption pursuant to (i) above. -3- 0565P/2239/00 In the event of the redemption of any or all of the Bonds, notice of such redemption shall be mailed postage paid, not less than twenty (20) days nor more than sixty (60) days prior to the redemption date to the registered owners of any Bonds or portions of Bonds to be redeemed Notice of redemption having been given, as aforesaid, Bonds'or portions thereof so called for redemption shall become due and payable at the applicable redemption price herein provided, and from and after the date so fixed for redemption, interest on the Bonds or portions thereof so called for redemption shall cease to accrue and become payable. The remaining outstanding principal amount of any Bond redeemed in part, but not in whole, shall be annotated by the Trustee on the Bond and the books of the Trustee maintained for such purpose. This Bond shall not be deemed to constitute a debt of the Agency, the City of Azusa, the State of California or any other political subdivision of the State nor a pledge of the faith and credit of the Agency or the City of Azusa. This Bond is a special obligation of the' Agency, payable solely from payments made on mortgage loans purchased with the proceeds of Bonds and other moneys deposited in the revenue fund and the other funds and accounts pledged therefor in the Resolution. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required by the Constitution and statutes of the State of Califonia and the Resolution to exist, to have happened and to have been performed precedent -to and in the issuance of this Bond, exist, have happened and have been performed in due time, form and manner as required by law and that the issuance of the Bonds, together with all other indebtedness of the Agency, is within every debt and other limit prescribed by law. This Bond shall not be entitled to any benefit under the Resolution or become valid or obligatory for any purpose until it shall have been authenticated by the certificate of the Trustee endorsed hereon. IN WITNESS WHEREOF, the Redevelopment Agency of the City of Azusa has caused this Bond to be executed in its name by the manual or facsimile signature of its Chairman or Vice Chairman and its corporate seal (or a facsimile thereof) to be affixed, imprinted, engraved or otherwise reproduced hereon, and Q.� 0565P/2239/00 E 6 attested by the manual or facsimile signature of its Secretary or Deputy Secretary all as of the 21st day of December, 1981. (SEAL) -5- 0565P/2239/00 REDEVEL PMENT AGENCY OF THE CITY O AZUSA By: C", fis�/J Y�r 7 !%a"'4a j Chairman