HomeMy WebLinkAboutResolution No. 79C�
RESOLUTION NO. 79
46
A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF AZUSA APPROVING RULES AND
REGULATIONS, COMMITMENT CONTRACTS, OWNER
PARTICIPATION AGREEMENTS, A SERVICING
AGREEMENT, SERVICERS' GUIDE AND LETTER
OF CREDIT AGREEMENT AND AUTHORIZING CERTAIN
ACTIONS
WHEREAS, the Redevelopment Agency of the City of
Azusa (the "Agency") is undertaking the implementation of the
redevelopment plan for the Azusa Central Business District
Redevelopment Project; and
WHEREAS, in connection with the implementation of the
project, the Agency desires to issue residential mortgage
revenue bonds for the purpose of providing financing for the
completion of the residential construction and in connection
therewith desires to approve certain documents substantially
in the form attached hereto;
NOW, THEREFORE, the Redevelopment'Agency of the City
of Azusa does hereby resolve as follows:
SECTION l: The Rules and Regulations substantially
in the form of Exhibit "A" attached hereto and incorporated
herein are hereby approved.
SECTION 2: The Commitment Contract among the Agency,
First Interstate Bank of California, Security Pacific National
Bank as Trustee and Lesny Development Company, substantially in
the form attached hereto as Exhibit "B" and incorporated herein,
is hereby approved.
SECTION 3: The Commitment Contract among the Agency,
First Interstate bank of California, Security Pacific National
Bank as Trustee and Rainbow Angling Corporation, substantially
in the form attached hereto as Exhibit "C" and incorporated
herein,is hereby approved.
SECTION 4: The Owner Participation Agreement among
the Agency and Lesny Development Company, substantially in the
form attached hereto as Exhibit "D" and incorporated herein, is
hereby approved.
SECTION 5: The Owner Participation Agreement among
the Agency and Rainbow Angling Corporation, substantially in
the form attached hereto as Exhibit "E" and incorporated herein
is hereby approved.
SECTION 6: The Servicing Agreement among the Agency,
First Interstate Bank of California and Security Pacific National
Bank, substantially in the form attached hereto as Exhibit "F",
and the Servicers' Guide, substantially in the form attached
hereto as Exhibit "G",are hereby approved.
SECTION 7: The Origination Agreement among the Agency,
First Interstate Bank of California and Security Pacific
National Bank, substantially in the form attached hereto as
Exhibit "H" and the Originators' Guide, substantially in the
form attached hereto as Exhibit "I" are hereby approved.
SECTION 8: The Letter of Credit Agreement among the
Agency, Security Pacific National Bank and First Interstate
Bank of California, substantially in the form attached hreto
as Exhibit "J" is hereby approved.
SECTION 9: The Chairman and/or the Executive Director
of the Agency are hereby authorized and directed to execute
said documents substantially in the form attached with such
additions, corrections, modifications or deletions as are approved
by bond counsel and are further authorized to take such additional
actions as are necessary to insure the prompt and expeditious
sale of the bonds.
ADOPTED AND APPROVED this 14th day of October, 1981.
airman of ne xedevelopme
ency of t e City of Azusa
ATTEST:
Secretar
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Redevelopment Agency of the City of Azusa at a
regular adjourned meeting thereof held on the 14th day of October,
1981, by the following vote of the Agency:
AYES: Directors: Decker, Fry, Cruz, Moses, Solem
NOES: Directors: None
ABSENT: Directors: None
Secretary/
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