HomeMy WebLinkAbout1989-387
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09/22/89 1240
RESOLUTION NO. 89-387
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO, APPROVING THE FINAL FORM
OF DOCUMENTS IN CONNECTION WITH CERTAIN FINANCINGS
WHEREAS, the City has previously issued its $41,280,000
Single Family Residential Mortgage Revenue Bonds, 1980 Series A
("City Bonds"), to facilitate and finance the acquisition of certain
mortgage loans for residential real property purchased by persons of
low and moderate income in the City; and
WHEREAS, the Agency proposes to issue its $34,500,000
Taxable Collateralized Mortgage Bonds Series 1989-A ("Agency Bonds")
to finance, among other things, the acquisition of the City's right,
title and interest in and to those certain mortgage loans
facilitated by and acquired with the proceeds of the City Bonds; and
WHEREAS, the City desires to assign to the Agency its
right, title and interest in and to the mortgage loans and the deeds
of trust securing such loans facilitated by and acquired with the
proceeds of the City Bonds; and
WHEREAS, the City intends to enter into a Mortgage
Assignment Agreement by and between the City and the Agency to
effect the assignment to the Agency of the deeds of trust together
wi th the notes therein defined or referred to held by the Ci ty in
connection with the City Bonds; and
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WHEREAS, the City intends to enter into an Escrow Agreement
by and between the Ci ty and Securi ty Pacific National Bank, as
escrow agent, to facilitate the redemption of the City Bonds; and
WHEREAS, the Mayor and Common Council have duly considered
such transactions and documentation and wish at this time to approve
said transactions and documentation in the public interests of the
City;
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, DO HEREBY FIND, RESOLVE, DETERMINE AND
ORDER AS FOLLOWS:
Common
Section 1.
Counci 1 hereby
Approval of the Aaencv Bonds. The Mayor and
approve the issuance by the Agency of the
Agency Bonds.
Section 2. Authorization of Indorsement and Deliverv of
Notes; Approval of Mortaaae Assianment Aareement. The Mayor and
Common Council hereby authorize and direct the indorsement of
certain notes held by the City in connection with the City Bonds to
the order of and the delivery of such notes to the Agency. The
Mayor and Common Council hereby approve the Mortgage Assignment
Agreement by and between the Agency and the City in substantially
the form on fi Ie wi th the Ci ty Clerk, together wi th any addi tions
thereto or changes therein deemed necessary or advisable by the
Mayor, whose execution thereof shall be conclusive evidence of such
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approval. The Mayor is hereby authorized and directed to execute,
and the Ci ty Clerk is hereby authorized and directed to attest and
affix the seal of the City to, the final form of the Mortgage
Assignment Agreement for and in the name and on behalf of the City.
The Mayor and Common Council hereby authorize the delivery and
performance of the Mortgage Assignment Agreement.
Section 3. Approval of Escrow Aareement. The Mayor and
Common Council hereby approve the Escrow Agreement by and between
the Ci ty and Securi ty Pacific National Bank in substantially the
form on file with the City Clerk, together with any additions
thereto or changes therein deemed necessary or advisable by the
Mayor, whose execution thereof shall be conclusive evidence of such
approval. The Mayor is hereby authorized and directed to execute,
and the Ci ty Clerk is hereby authorized and directed to attest and
affix the seal of the City to, the final form of the Escrow
Agreement for and in the name of and on behalf of the Ci ty. The
Mayor and Common Council hereby authorize the delivery and
performance of the Escrow Agreement.
Section 4. Official Actions. The Mayor and Common
Council, the City Clerk, and any and all other officers of the City
are hereby authorized and directed, for and in the name and on
behalf of the City, to do any and all things and to take any and all
actions, including execution and delivery of any and all
assignments, certificates, requisitions, agreements, notices,
consents, instruments of conveyance, warrants and other documents
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which they, or any of them, may deem necessary or advisable in
connection with the execution and delivery of the Mortgage
Assignment Agreement, the Escrow Agreement and any related closing
documents, as required, and the consummation of the transactions
described herein and therein.
Section 5. Effective Date. This Resolution shall take
effect from and after the date of its passage and adoption.
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I HEREBY CERTIFY that the foregoing
adopted by the Mayor and Common Council
San Bernardino at an Adiourned Regular
held on the 25th day of September
the following vote, to wit:
resolution was duly
of the Ci ty of
meeting thereof,
, 1989 , by
AYES:
Council Members Estrada.. Reilly.. Flores, Maudsley, Minor,
Pope-Ludlam.. Miller
NAYS:
None
ABSENT:
None
~$ff~~4l'f/
ct ty Clerk
day of
The foregoing resolution is
September 1989
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Approved as to form and legal content:
BY:~
/Cl.ty At ney
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