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HomeMy WebLinkAboutResolution No. 1502467H L RESOLUTION NO. 150 • JHHW:ACH:ea 08/16/84 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA APPROVING IMPLEMENTING AGREEMENTS AND DOCUMENTS RELATING TO THE ISSUANCE OF $20,000,000 PRINCIPAL AMOUNT OF RESIDENTIAL MORTGAGE REVENUE BONDS, 1984 SERIES A, AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO RESIDENTIAL MORTGAGE REVENUE BONDS, 1984 SERIES A WHEREAS, Chapter 8 (commencing with Section 33750) of Part 1 of Division 24 of the Health and Safety Code of the State of California (herein called the "Act") authorizes redevelopment agencies to issue revenue bonds for the purpose of financing residential construction within redevelopment project areas; WHEREAS, for the purposes of financing residential construction within the Azusa Central Business District Redevelopment Project Area of the Agency, the Agency has developed a program (the "Residential Mortgage Financing Program" or the "Program") and, pursuant to Resolution No. 147 adopted August 13, 1984, has authorized the issuance by the Agency of $20,000,000 principal amount of Residential Mortgage Revenue Bonds, 1984 Series A (the "Bonds"), to be issued and secured by a Trust Indenture (the "Indenture"), and (ii) the use of the Bond proceeds by the Agency to purchase without recourse from the lending institution (the "Lender") certain mortgage loans (the "Mortgage Loans"), made to finance single-family dwelling units (the "Residences") intended for use as the permanent place of residence by qualified persons, which Mortgage Loans are to be originated and serviced by the Lender pursuant to Mortgage Loan Purchase Agreement and Servicing Agreement (the "Agreements"); WHEREAS, further to that end, the Agency and the developer of the Residences will enter into an agreement (the "Commitment Contract"),, for the purpose of setting forth, among other things, the terms and conditions pursuant to which the developer and the Lender will deliver Mortgage Loans for purchase by the trustee under the Indenture on behalf of the Agency and the Agency will reserve proceeds of the Bonds to provide funds for such purpose; WHEREAS, Miller & Schroeder Municipals, Inc. (the "Purchaser") as underwriter to the Agency has caused a final Official Statement, dated August 20, 1984, relating to the Bonds, to be submitted to the Agency for approval for distribution to prospective purchasers of the Bonds; WHEREAS, the Purchaser and the Agency have entered into an agreement for the purchase of the Bonds by the Purchaser (the "Bond Purchase Agreement") in accordance with the provisions of the form of the Bond Purchase Agreement; WHEREAS, final forms of the Trust Indenture, the Agreements, the Commitment Contracts and the other necessary implementing documents have been presented to and reviewed by the Agency, with the aid of its staff, and such documents have been conformed to the terms and requirements of the Bond Purchase Agreement and are submitted to the Agency for approval for execution in final form; NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED and ORDERED, as follows: 1. The final Official Statement relating to the Bonds, setting forth such amendments and supplements. as shall be necessary or convenient to accurately describe the Bonds in accordance with this Resolution, the Trust Indenture, the Purchase Agreement and the other related agreements and documents, is hereby approved for distribution to such broker-dealers, banking institution and other persons as may be interested in purchasing the Bonds. 2. The Trust Indenture providing for the issuance of the Bonds, the Commitment Contract (and Reservation of Funds) with the developer proposing to participate in the Agency's Program, the Mortgage Loan Purchase Agreement, the Servicing Agreement, the Compliance Agreement with the private mortgage insurer for the Program and the Investment Agreement with Chemical Bank are each hereby approved and the Executive Director of the Agency is hereby authorized and directed to execute each of the foregoing on behalf of the Agency with such amendments and supplements thereto as shall cause the foregoing to conform to the requirements of the Trust Indenture, the final Official Statement and the Bond Purchase Agreement. 3. All actions heretofore taken by the officers and agents of the Agency with respect to the sale and issuance of the Bonds are hereby approved, confirmed and ratified, and the Chairman of the Agency, the Secretary of the Agency and the Executive Director and any and all 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 take any and all actions and execute and deliver any and all certificates, requisitions, agreements and other documents, including, but not limited to, those described in the Bond Purchase Agreement and Section 211 of the Trust Indenture, which they, or any of them, may deem necessary or advisable in order to consummate the lawful issuance and delivery of the Bonds in accordance with the Bond Purchase Agreement, the Trust Indenture, this Resolution and all related documents. 4. The Program Rules and Regulations of the Agency approved by Resolution No. 31, adopted September 25, 1979, shall apply to the Bonds and the use of the proceeds thereof and the Secretary shall conform the Rules and Regulations to provide for such application in accordance with the Bond Purchase Agreement, the Trust Indenture, this Resolution, the final Official Statement and the other final Program documents. 5. This resolution shall take effect from and after its adoption. 2