HomeMy WebLinkAbout1980-238
I
I
San Bernardino
60,005-39-2
RESOLUTION NO. f'O-~,~X'
RESOLUTION OF THE CITY OF SAN BERNARDINO
AUTHORIZING THE TRUSTEE IN CONNECTION
WITH ITS MORTGAGE REVENUE BOND PROGRAM
TO RECEIVE THE DEPOSIT OF CERTAIN FUNDS
AS PAID TO THE PROJECT COORDI~~TOR BY THE
PARTICIPATING PARTIES
WHEREAS, the City of San Bernardino, California
(the "City"), intends to issue its Mortgage Revenue Bonds
pursuant to its City Charter and Ordinance No. 3853, as
amended, to finance residential construction in the City;
and
WHEREAS, the Participating Parties have hereto-
fore paid to the City through the Project Coordinator
certain moneys which represent commitment fees for mortgage
loans to be made with respect to housing projects of the
Participating Parties; and
l~EREAS, it is now necessary that said funds be
deposited with Security Pacific National Bank, as Trustee,
in connection with the mortgage revenue bond program of the
City.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND
ORDERED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, AS FOLLOWS:
lei
A233-7 (ds)
6/5/80
San Bernardino
60,005-39-2
Section 1. The Trustee is hereby authorized by
the City to receive the deposit of those moneys as paid
to the Project Coordinator by the Participating Parties
representing the respective commitment fees for the mortgage
loan funds which the Participating Parties antici~ate
utilizing derived from the mortgage revenue bond program
of the City. The Trustee shall hold such moneys until the
issuance of such mortgage revenue bonds at which time such
moneys shall be used in accordance with the General Resolu-
tion of the City. In the event such mortgage revenue bonds
are not issued by the City, the Trustee shall return such
moneys to the Participating Parties as soon as practicable
after such determination has been made.
Section 2. The Project Coordinator is hereby
authorized to transmit such moneys to the Trustee for
deposit therewith.
I HEPXBY CERTIFY that the foregoing resolution
was duly adopted by the Mayor and Common Council of the
held on the
1
I
me8ting thereof,
City of San Bernardino at a
day
, 1980.
by the following vote, to-wit:
-2-
A233-8 (ds)
6/5/80
AYES:
NAYS:
ABSENT:
The foregoing
/~
day of
as to form:
~
San Bernardino
60,005-39-2
Councilmen
>!~,L, < ~~d~ <d~A_~
~~h
City Clerk
is hereby approve a this
, 1980.
e;
-3-
A233-9 (ds)
6/5/80