HomeMy WebLinkAbout1980-215 Sari Bernardino
60, 005-39-1
RESOLU'T`ION NO.
RESOLUTION OF THE CITY OF SAD? BFRNARDINO,
CALIFORNIA, PROVIDING FOR CERTAIN TERNS
IN CONNECTION WISH THE FINANCING OF
RESIDENTIAI, HOUSING
tSHEREAS, the City of San Bernardino, California
(the "City" ) intends to issue Revenue Bonds designated.
of San Bernardino, Single Far-ily Residential Mortgage
Revenue Bonds, 1980 Series A" (the "Bonds" ) for its Program.
of Financing Residential Housing as provided in Ordinance
No. 3853 approved by the Mayor and Coms?on Council of the
City on August 25, 1979, including any amendments thereto ,
providing for the issuance of mortgage revenue bonds pur-
sua.it to the City Charter powers of the City; and
WHEREAS, under the City 's Rules and Regulations ,
the City may make provision for certain items to be contained
in the Mortgage Loans to be financed by Revenue Bonds of the
City; and
WHEREAS, the City so desires to establish a
prepaynr:ent schedule, to the extent permitted by law, which
it deems satisfactory to protect the City 's contractual
arrangements with the purchasers and holders of the Bonds .
E100-16 (ds)
5/12/80
-06. / c.-/
San Bernardino
60 ,005-39-1
NOW, THEREFORE, BE IT RESOLVED, DFTEPIIIIIED AND
ORDERED BY THE CITY OF SAN BERNARDINO, CALIFOP.IUA, AS
FOLLO'rS:
Section 1 . Prepayment Provisions . Pursuant to
Section 2. 10 (H) of the Rules and Regulations of the City
approved by appropriate resolution on April 7, 1980 , the
City hereby adopts the prepayment schedule to be used by
the Qualified Mortgage Lender in the making of Mortgage
Loans to be originated on behalf of or purchased by the
City in furtherance of its Program as the same is set
forth in Section 2954 . 9 of the Civil Code of the s=tate of
California and Section 1-0242 .6 of the Business and Profes-
sions Code of the State of California as the same exist or
are hereafter. amended.
Section 2 . Further Authorization.. The City
Clerk shall inform the City staff and consultants and
the Qualified Mortgage Lender that the herein approved
prepayment schedule shall be included in and made a part
of each Mortgage Loan made or purchased with the proceeds
of the City of San Bernardino, Single Family Residential
Mortgage Revenue Bonds, 1980 Series A.
-2- E100-17 (ds)
5/12/80
San Bernardino
60 ,005-39-1
I HEREBY CERTIFY that the foregoing resolution was
duly adopter: by the Mayor and Common Council of the City of
San Bernardino at a meeting thereof, held
on the /9' __
day of , 1980 ,
by the following vote, to-wit:
AYES: Councilmen �6��� s�
AV I-A
NAYS:
ABSENT: --_� —
City Clerk
The foregoing resolution is hereby approv this
o?o day of 1980 .
or of ty of S n Bernardino
ApproveC as to form:
Arney
_3_ E100-18 (ds)
5/12/80