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HomeMy WebLinkAboutResolution No. 22511024-2 JHHW:PNL:cb 12/3/85 L2861 RESOLUTION NO. 225 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA APPROVING IMPLEMENTING AGREEMENTS AND DOCUMENTS RELATING TO THE ISSUANCE OF $16,800,000 PRINCIPAL AMOUNT OF SINGLE FAMILY RESIDENTIAL MORTGAGE REVENUE BONDS (GNMA MORTGAGE-BACKED SECURITIES PROGRAM) SERIES 1985 A, AND PROVIDING OTHER MATTERS PROPERLY RELATING THERETO SINGLE-FAMILY RESIDENTIAL MORTGAGE REVENUE BONDS (GNMA MORTGAGE-BACKED SECURITIES PROGRAM) SERIES 1985 A 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 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. 224 adopted December2nd, 1985, has authorized (i) the issuance by the Agency of $16,800,000 print pal 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, further to that end, the Agency and the developers of the Residences will enter into the agreements (the "Developer Agreements"), for the purpose of setting forth, among other things, the terms and conditions pursuant to which the developer will deliver Home Mortgages to the Lender for purchase and the Lender will deliver GNMA Securities to 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 Financial, Inc. (the "Purchaser") as underwriter to the Agency has caused a final Official Statement, dated November 26,_, 1985, relating to the Bonds, to be submitted to the Agency for approval for distribution to prospective purchasers of the Bonds; .A i WHEREAS, the Purchaser for the purchase of the Agreement") in accordance Purchase Agreement; 0 and the Agency have entered into an agreement Bonds by the Purchaser (the Bond Purchase with the provisions of the form of the Bond WHEREAS, final forms of the Trust Indenture, the Agreements, the Developer Agreement 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 Developer Agreement with the developer proposing to participate in the Agency's Program, the Originator, Servicing and Administration Agreement and the Investment Agreement with Citicorp, N.A. are each hereby approved and the Chairman or the Executive Director of the Agency is hereby authorized and directed to execute each of 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 documents, certificates, requisitions, agreements and other documents described in the Bond Purchase Agreement and 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. -2- 0 0 5. This resolution shall take effect from and after its adoption. ADOPTED and APPROVED this 2nd day of December, 1985. AYES: Members: CRUZ, COOK, CAMARENA, LATTA, MOSES NOES: Members: NONE ABSENT: Members: NONE A puty secretary 44,&.L y "lrur� 01 Chairman I hereby certify that this i true and accurate copy of a document on file in a office of the Secre ry t the Azusa Redevelopment Agency. Deputy Se tary -3-