HomeMy WebLinkAbout1984 100 CC RESO1984 100 CC RESO (Ìì ç ¶RESOLUTION NO. 84-100
A RESOLUTION OF THE CITY OF BALDWIN PARK
AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$13,000,000 PRINCIPAL AMOUNT OF 1984 SINGLE
FAMILY MORTGAGE REVENUE BONDS, SUCH BONDS TO
BE ISSUED PURSUANT TO A TRUST INDENTURE
DATED AS OF DECEMBER 1, 1984, AUTHORIZING
THE SALE OF SUCH BONDS, SUBJECT TO CERTAIN
TERMS AND CONDITIONS, AND AUTHORIZING THE
EXECUTION OF AND APPROVING IMPLEMENTING
AGREEMENTS, DOCUMENTS AND ACTIONS
1984 SINGLE FAMILY MORTGAGE REVENUE BONDS
RESOLVED, by the City of Baldwin Park, as follows:
WHEREAS, Chapters 1-5 of Part 5 of Division 31 of the
Health and Safety Code of the State of California herein called
the Act") authorizes cities and counties to issue revenue bonds
for the purpose of financing home mortgages authorized by the
Act, and the Act provides a complete, additional and alternative
method for doing the things authorized thereby? and
WHEREAS, pursuant to the Act, the City is authorized
to carry out the public purposes described therein by issuing
its revenue bonds to acquire home mortgages and by pledging such
home mortgages as security for payment of the principal of and
interest on such revenue bonds, and by entering into any agreements
in connection therewith? and
WHEREAS, to alleviate the shortage of affordable
residential housing facilities, and to provide canital for
investment in such facilities for low and moderate income families
and persons within the City, the City has developed and determined
to implement a home mortgage financing program the Program") with
respect to i) the issuance by the City of its 1984 Single Family
Mortgage Revenue Bonds the Bonds"), and ii) the use of the
proceeds of the Bonds by the City to purchase without recourse
from one or more lending institutions the Lenders") certain home
mortgages the Home Mortgages"), made to finance residential
facilities intended for use as the permanent place of residence
by persons of low and moderate income the Homes"), which Home
Mortgages are to be originated and serviced by the Lenders
pursuant to one or more Home Mortgage Purchase Agreements and one
or more Servicing Agreements together, the Agreements")? and
WHEREAS, the City and the developers of the Homes will
enter into agreements collectively, the Commitment Contracts"),
for the purpose of setting forth, among other things, the terms
and conditions pursuant to which the developers will deliver Home
Mortgages for purchase by a trustee on behalf of the City and the
City will reserve proceeds of the Bonds to provide funds for such
purpose; and
WHEREAS, the City has now determined to issue the Bonds
and to enter into a Trust Indenture the Indenture") to secure
the Bonds by a pledge and assignment of the Home Mortgages, the
proceeds of the Bonds, certain insurance proceeds, certain
reserve funds, certain investment earnings on the proceeds of the
Bonds and the revenues received from the Home Mortgages and its
rights under the Commitment Contracts and the Agreements? and
WHEREAS, Wm. E. Pollock & Co., Inc. the Purchaser") has
caused a draft of a Preliminary Official Statement relating to
the Bonds to be submitted to the City, for approval for distribution
to prospective purchasers of the Bonds; and
BIB]
37672-U01
1984-U02
100-U02
CC-U02
RESO-U02
LI3-U03
FO2126-U03
FO10091-U03
DO10099-U03
C6-U03
RESO-U03
2/20/2003-U04
ROBIN-U04
1984 100 CC RESO (Ìì ç ¶Resolution No. 84- 100
Page Two
WHEREAS, tke Purchaser has submitted an agreement for
the purchase of the Bonds the Purchase Contract") and it is
desirable that the Bonds be sold at this time only, however, on
the terms and conditions hereinafter provided; and
WHEREAS, forms of the Indenture, the Agreements, the
Commitment Contracts and the other necessary implementing
documents have been presented to and reviewed by the City, with
the aid of its staff, and such documents may now be conformed to
the terms and requirements of the Purchase Contract and the final
Official Statement for the Bonds and be approved for execution in
final form.
NOW, THEREFORE, IT IS HEREBY ORDERED BY THE CITY COUNCIL
OF BALDWIN PARK as follows:
SECTION 1. The City of Baldwin Park 1984 Single Family
Mortgage Revenue Bonds in an aggregate principal amount not to
exceed $13,000,000 are hereby authorized to be issued pursuant to
the Act and the Indenture, which Indenture shall be dated as of
December 1, 1984. The Indenture, substantially in the form as
submitted to the City at this meeting, is hereby approved. The
City Manager or the Director of Housing and Economic Development
of the City and the City Clerk or the Deputy City Clerk of the
City are hereby authorized and directed, for an in the name and
on behalf of the City, to execute and deliver the Indenture in
substantially said form, with such additions thereto or changes
therein as such officers may approve, such approval to be
conclusively evidenced by the execution and delivery thereof. The
date, maturity dates, interest rate or rates, interest payment
dates, denominations, form, registration privileges, manner of
execution, place of payment, terms of redemption and other terms
of the Bonds shall be as provided in the Indenture as finally
executed.
SECTION 2. The Preliminary Official Statement,
substantially in the form as submitted to the City at this meeting,
is hereby approved for distribution to prospective purchasers of
the Bonds. The City Manager and the Director of Housing and
Economic Development of the City, each acting alone, are hereby
authorized and directed, for an in the name and on behalf of
the City, to execute a final Official Statement relating to the
Bonds, setting forth such amendments and supplements to the
Preliminary Official Statement as shall be necessary or convenient
to accurately describe the Bonds in accordance with this
Resolution, the Indenture, the Purchase Contract and the other
Program agreements and documents.
SECTION 3. The Purchase Contract for purchase of the
Bonds, substantially in the form as submitted to the City at this
meeting, is hereby approved. The City Manager or the Director of
Housing and Economic Development of the City, each acting alone,
is hereby authorized and directed, for an in the name and on
behalf of the City, to execute the Purchase Contract provided
that all of the following conditions are met:
a) the purchase price of the Bonds shall be not less
than ninety-six and one-half percent 96-1/2%) of the principal
amount of the Bonds;
b) the Single Family Mortgage Revenue Bond interest
rate for any maturity shall not exceed twelve and one-half
percent 12-1/2%); and
c) the Home Mortgage interest rate shall not exceed
eleven and one-half percent 11-1/2%);
BIB]
37672-U01
1984-U02
100-U02
CC-U02
RESO-U02
LI3-U03
FO2126-U03
FO10091-U03
DO10099-U03
C6-U03
RESO-U03
2/20/2003-U04
ROBIN-U04
1984 100 CC RESO (Ìì ç ¶Resolution No. 84-100
Page Three
provided that the Purchaser may make provision for adjustment
of maturing amounts of principal and the maturity dates thereof
in a manner which does not increase the effective interest rate
of all Bonds above the specified annual interest rate limitation
or the specified annual Home Mortgage interest rate limitation
above set forth. The City Manager or the Director of Housing and
Economic Development of the City shall approve the final interest
rates on and the final purchase price of the Bonds, as
conclusively evidenced by his execution of the Purchase Contract,
SECTION 4. The Commitment Contracts with the developers
proposing to participate in the City's Program and the Home
Mortgage Purchase Agreements and the Servicing Agreements to be
entered into by and- among the City, the trustee for the Bonds and
the Lenders proposing to participate in the City's Program,
substantially in the forms of such documents as submitted to the
City at this meeting, are hereby approved. The City Manager or
the Director of Housing and Economic Development of the City,
each acting alone, is hereby authorized and directed, for and in
the name and on behalf of the City to execute the foregoing
documents with such additions thereto or changes therein as such
officer executing the documents may approve, such approval to
be conclusively evidenced by the execution and delivery thereof.
SECTION 5. The firm of Jones Hall Hill & White is hereby
approved as Bond Counsel in connection with the issuance of the
Bonds, and the fees of Bond Counsel in connection with the
issuance of the Bonds as set forth in the Purchase Contract are
hereby approved.
SECTION 6. All actions heretofore taken by the officers
and agents of the City with respect to the establishment of the
Program and the sale and issuance of the Bonds are hereby approved,
confirmed and ratified, and, upon execution of the Purchase
Contract, the City Manager, the Director of Housing and Economic
Development, the City Clerk, the Deputy City Clerk, the City
Attorney, the City Treasurer, the Mayor of the City and other
appropriate City officers are hereby authorized and directed, for
and in the name and on behalf of the City, to do any and all things
and take any and all actions, including, but not limited to,
conforming of the rules and regulations for the Program to the
other Program documents, securing bond insurance insuring the
payment of principal of and interest on the Bonds, selecting
Developers and Lenders for participation in the Program, selecting
a trustee for the Bonds, and to execute and deliver any and all
certificates, requisitions or agreements, including, but not
limited to, an agreement for investment of the proceeds of the Bonds
and of the Home Mortgages, a compliance agreement with a private
mortgage insurer for the Program, those documents described in the
Purchase Contract and Sections 207(C), D) and E) and Section 211
of the Indenture, and such other certificates, requisitions or
agreements 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 Purchase Contract, the
Indenture, the Official Statement, this Resolution and all
related documents and in order to carry out the Program.
SECTION 7. This resolution shall take effect from and
after its adoption.
PASSED AND ADOPTED this llUfd'ay of December, 1984-
v^^^^_____
MAYOR
LFMDA L. G'A3^, CITY CLERK
BIB]
37672-U01
1984-U02
100-U02
CC-U02
RESO-U02
LI3-U03
FO2126-U03
FO10091-U03
DO10099-U03
C6-U03
RESO-U03
2/20/2003-U04
ROBIN-U04
1984 100 CC RESO (Ìì ç ¶Resolution No. 84-100
Page Four
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES) ss.
CITY OF BALDWIN PARK
I, LINDA L. GAIR, City Clerk of the City of Baldwin
Park do hereby certify that the foregoing Resolution was
regularly approved and passed at an ADJOURNED REGULAR MEETING
of the Baldwin Park City Council on the llth day of December,
1984 by the following vote:
AYES: COUNCILMEN GIBSON, IZELL, KING, McNEILL AND MAYOR WHITE
NOES: COUNCILMEN NONE_________________________________
ABSENT: COUNCILMEN NONE
LINDA L. GAIR, CITY CLERK
BIB]
37672-U01
1984-U02
100-U02
CC-U02
RESO-U02
LI3-U03
FO2126-U03
FO10091-U03
DO10099-U03
C6-U03
RESO-U03
2/20/2003-U04
ROBIN-U04