HomeMy WebLinkAboutResolution No. 23011024-2 JHHW:PNL:cb 12/5/85
RESOLUTION N0. 230
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
APPROVING IMPLEMENTING AGREEMENTS AND DOCUMENTS RELATING TO
THE SECONDARY FINANCING OF SINGLE FAMILY RESIDENTIAL
MORTGAGES UNDER THE AGENCY RESIDENTIAL MORTGAGE
FINANCING PROGRAM AND PROVIDING OTHER
MATTERS PROPERLY RELATING THERETO
SINGLE-FAMILY RESIDENTIAL MORTGAGE REVENUE BONDS
(GNMA MORTGAGE-BACKED SECURITIES PROGRAM) SERIES 1985 A
L2922
WHEREAS, Chapter 8 (commencing the 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 as
defined in Section 33755(k) of .the Act, which includes notes or other
obligations 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 a resolution adopted
December 2, 1985, has authorized (i) the issuance by the Agency of
$16,800,000 principal of Single -Family Residential Mortgage Revenue Bonds
(GNMA Mortgage -Backed Securities Program) Series 1985 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 fully -modified mortgage-backed
securities (the "GNMA Securities") issued by a lender with respect to
mortgage loans (the "Home Mortgages") 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 the Origination, Servicing and
Administration Agreement (the "Agreement");
WHEREAS, the Agency proposes to provide second mortgage loans (the
"Second Mortgages") to qualified purchasers of newly constructed residences
as means to assist new home -buyers and as part of the programs;
WHEREAS, further to that end, the Agency and First Nationwide Network
Mortgage Company (the "Servicer") will enter into a Secondary Financing
Origination, Sale and Servicing Agreement dated as of December 1, 1985 (the
"Secondary Agreements"), for the purpose of setting forth, among other
things, the terms and conditions pursuant to which the Servicer will deliver
Secondary Mortgage Loans on behalf of the Agency;
WHEREAS, in addition the Agency and the Servicer will enter into
a Secondary Loan Agreement and Note which will provide the Agency with
the funds to make Second Mortgages (the "Secondary Loan Agreement");
WHEREAS, forms of the Secondary Agreement and other necessary
implementing documents have been presented to and reveiwed by the Agency,
with the aid of its staff and are submitted to the Agency for approval
in substantial form presented;
NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINED AND ORDERED, as follows:
1. The Secondary Financing Origination, Sale and Servicing Agreement
in substantially the form hereby presented with such changes as may be
approved by the Chairman, with the advice of the Agency Counsel, are hereby
approved, and the Chairman, or his designee, is hereby authorized to execute
said agreements.
2. All actions heretofore taken by the officers and agents of the
Agency with respect to the secondary financing and 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 documents, certificates,
requisitions, agreements and other documents described in the Secondary
Agreement, which they, or any of them, may deem necessary or advisable
in order to consummate the lawful delivery of the Secondary Agreement
and all related documents.
3. This resolution shall take effect from and after its adoption.
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ADOPTED and APPROVED this 9th day of December, 1985.
AYES: Members: Cook, Camarena, Latta
NOES: Members: None
ABSENT: Members: None
Abstain: Members: Cruz, Moses
PJM R�,7 Chairman
I hereby certify that this is a true and accurate copy of a document on
file in the office of the Secretary to the Azusa Redevelopment Agency.
ADOLP A. SOLIS, Secretary
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