HomeMy WebLinkAbout1983-300 d
l RESOLUTION NO. UO3--300 _
2 RESOLUTION OF THE CITY OF SAN BERNARDINO APPROVING A
CERTAIN OPERATING MEMORANDUM TO THE MORTGAGE SERVICING
3 AGREEMENT; AND AMENDING OPERATING MEMORANDUM NO. 2.
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5 WHEREAS, the City of San Bernardino, pursuant to Resolution No. 80-147
6 entered into a Mortgage Servicing Agreement with Santa Fe Federal Savings &
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7 Loan Association (Name changed to Pacific Federal Savings & Loan) (the
8 "Servicer") in connection with the issuance by the City of its $41,625,000. Single
9 Family Residential Mortgage Revenue Bonds, 1980 Series A (the "Bonds"); and
10 WHEREAS, pursuant to Resolution No. 81-123, Operating Memorandum No.
11 2 to the Mortgage Servicing Agreement was entered into, providing in Section 4
12 thereof that the Servicer may increase the Mortgage Loan Interest Rate to the
13 current market rate in the event the residence is no longer owner-occupied; and
14 WHEREAS, it is the desire of the City to amend Section 4 of Operating
15 Memorandum No. 2 to provide for approval by the City, through the Redevelopment
16 Agency (the "Project Coordinator") of Applications for LxEMption of Accelerated
17 Interest Rate, on a case by case basis.
18 NOW, THEREFORE BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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20 SECTION 1. The City hereby approves Operating Memorandum No. 3 to
21 the Mortgage Servicing Agreement by and between the City and Pacific Federal
22 Savings & Loan Association, attached hereto as Exhibit "A".
23 SECTION 2. The Mayor and City Clerk are hereby authorized to execute
24 said Operating Memorandum to said Agreement on behalf of the City.
25 SECTION 3. The Redevelopment Agency, as the designated Project
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26 Coordinator, pursuant to Resolution No. 80-237, is hereby authorized to review,
27 approve or deny, all applications for Exemption of Accelerated Interest of
28 residential property owners under the City's 1980 Residential Mortgage Revenue
Bond Issue.
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l I HEREBY CERTIFY that the foregoing resolution was duly adopted by the
2 Mayor and Common Council of the City of San Bernardino at
3 a regular meeting thereof, held on the 6th day of
4 September , 1983, by the following vote, to wit:
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6 AYES: Council Members Reilly, Quiel, Frazier,
7 Strickler
g NAYS: Councilmen Hernandez , Marks ,
g ABSENT: Councilman Castaneda
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11 City Clerk
12 Thforegoing resolution is hereby approved this C' day of September
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1983.
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a r t of San nardino
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17 Approved as to form:
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City Attorney
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