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HomeMy WebLinkAboutRDA Res 84-2 1984-02-13 I RESOLUTION NUMBER ~~-~ A RESDLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $17,000,000 PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH SINGLE FAMILY MORTGAGE REVENUE BONDS, ISSUE OF 1984 AND REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH SINGLE FAMILY SUBORDINATED MORTGAGE REVENUE BONDS SUCH BONDS TO BE ISSUED PURSUANT TO A TRUST INDENTURE, AUTHORIZING THE SALE OF SUCH BONDS AND AUTHORIZING THE EXECUTION OF AND APPROVING IMPLEMENTING AGREEMENTS, DOCUMENTS AND ACTIONS THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH HEREBY RESOLVES THAT: WHEREAS, Chapter B (commencing with Section 33750) of Part 1 of Division 24 of the Health and Safety Code of the State of California (herein called the "Act") authorizes redevelopment agencies to issue revenue bonds for the purpose of financing residential construction within redevelopment project areas; and I WHEREAS, for the purposes of financing residential construction within the Riverfront Redevelopment Project Area of the Agency, the Agency has developed a program (the "Program") with respect to (i) the issuance by the Agency of its Single Family Mortgage Revenue Bonds, Issue of 1984 (the "Senior Bonds" sometimes referred to as the "Bonds"), and Single Family Subordinated Mortgage Revenue Bonds (the "Subordinated Bonds" sometimes referred to as the "Bonds") to be issued and secured by a Trust Indenture (the "Indenture"), and (ii) the use of the Bond proceeds by the Agency to purchase without recourse from a lending institution (the "Lender") certain mortgage loans (the "Mortgage Loans"), made to finance singl e-fami ly dwell ing units (the "Residences") intended for use as the owner- occupied residence by qualified persons, which Mortgage Loans are to be originated and serviced by the Lender pursuant to an Origination and Servicing Agreement (the "Agreement"); and I WHEREAS, further to that end, the Agency and the developer of the Residences will enter into agreements (the "Developer Agreement"), for the purpose of sett ing forth, among other things, the terms and conditions pursuant to which the developer and the Lender will deliver Mortgage Loans for purchase by the trustee pursuant to the Indenture on behalf of the Agency and the Agency will reserve proceeds of the Bonds to provide funds for such purpose; and WHEREAS, the Agency and the Originator/Servicer of the mortgage loans will enter into an origination and servicing agreement (the "Origination and Servicing Agreement") for the purpose of setting forth, among other things, the terms under which Mortgage Loans will be originated and the procedures for servicing Mortgage Loans; and WHEREAS, the Agency desires to approve 'certain Rules and Regulations relating to the Program; and WHEREAS, the Agency has now determined to issue the Bonds and to enter into the Indenture to secure the Bonds by a pledge and assignment of the Mortgage Loans; 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 Mortgage Loans and its rights under the Development Agreement and the Agreement; and Resolution Number ~~~ WHEREAS, Stone & Youngberg (the "Purchaser") has caused a Preliminary Official Statement, dated February ,1984. relating to the Senior Bonds, to be submittecrto the Agency for approval and authorization for distribution to prospective purchasers of the Senior Bonds; and WHEREAS. the 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. NOW, THEREFORE, IT IS HEREBY FOUND, DETERMINE AND ORDERED; as follows: Section 1. The Redevelopment Agency of the City of Seal Beach, California, Single Family Mortgage Revenue Bonds, Issue of 1984, and the Redevelopment Agency of the City of Seal Beach, Single Family Subordinated Mortgage Revenue Bonds in a principal amount of not to exceed $17,000,000 are hereby authorized to be issued pursuant to the Indenture, in the form substantially as submitted at this meeting together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director and bond counsel, which Trust Indenture is hereby approved and authorized and directed to be executed by the Chairman of the Agency and his signature thereto to be attested by the Secretary who shall affix thereto the official seal of the Agency. Security Pacific National Bank is hereby appointed trustee under the Trust Indenture. I Section 2. The Origination and Servicing Agreement with First Interstate Mortgage Company dated as of February 1, 1984, is hereby approved, and the Executive Director is hereby authorized to execute and deliver said Origination and Servicing Agreement on behalf of the Agency in substantially the form presented to this meeting or with such changes as may be approved by the Executive I Director and bond counsel to the Agency, and the Secretary of the Agency is hereby authorized and directed to attest and to affix the corporate seal of the Agency thereto which form of Agreement is hereby in all respects approved. ' Section 3. The Developer Agreement dated as of February 1, 1984, by and between the Agency, Security Pacific National Bank, as Trustee, and Riverbeach Associates, is hereby approved in substantially the form presented to the Agency at this meeting together with any additions thereto or changes therein deemed necessary or advisable by the Executive Director and bond counsel to the Agency. The Executive Director of the Agency is hereby authorized and directed to execute and the Secretary of the Agency is hereby authorized and directed to attest and affix the seal of the Agency to said agreement for and in the name and on behalf of the Agency" Section 4. The Rules and Regulations of the Redevelopment Agency of the City of Seal Beach Relating to its Residential Construction Financing Program are hereby approved and adopted, in substantially the form presented to this meeting"or with such changes as may be approved by the Executive Director and bond counsel to the Agency. Section 5. The Chairman of the Agency shall cause the execution of a Final Official Statement relating to the Bonds, setting forth such amendments and supplements to the Preliminary Official Statement, dated February , 1984, as shall be necessary or convenient to accurately describe the Senior Bonds in accordance with this Resolution, the Indenture, the Origination and Servicing Agreement, the Developer Agreement and the other related agreements and documents. I Resolution Number ~-~ I Section 6. The Purchase Contract for sale by the Agency and purchase by the Purchaser, of not to exceed $17,000,000 principal amount of Redevelopment Agency of the City of Seal Beach, California, Single Family Mortgage Revenue Bonds, Issue of 1984, and the Redevelopment Agency of the City of Seal Beach, Single Family Subordinated Mortgage Revenue Bonds in substantially the form submitted at this meeting, together with such changes as may be advisable by the Executive Director, Special Counsel to the Agency and Bond Counsel, is hereby approved and the Executive Director is authorized and directed to execute the Purchase Contract on behalf of the Agency on the date of this Resolution or such later date the Executive Director deems appropriate. Section 7. All actions heretofore taken by the officers and agents of the Agency with respect to the sale and issuance of the Bonds, including the sale of the Bonds to Stone & Youngberg, are hereby approved, confirmed and ratified, and the Chairman, the Executive Director and any and all other officers of the Agency are hereby authorized and directed, for and in the name and on behalf of the Agencyo to do any and all things and take any and all actions and the execution and delivery of any and all certificates, requisitions, agreements, including an agreement for investment of the proceeds of the Bonds and of the Mortgage Loans and other documents, including, but not limited to, those described in the Purchase Agreement and the Trust Indenture, 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 Agreement, the Trust Indenture, this Resolution and all related documents. Section 8. This resolution shall take effect from and after its adoption. I AYES: NOES: ABSENT: I STATE OF CALIFORNIA) COUNTY OF ORANGE )SS CITY, OF SEAL BEACH ) I, Joanne M.Yeo, City Clerk of the City of Seal Beach, California, and Secretary to the Seal Beach Redevelopment Agency, do hereby certify~at the foregoing resolution is the original copy of Resolution Number - on file in the office of the City Clerk, passed, approve an adopted by the Redevelopment Agency of the City o~~~~ Seal h at a regular adjourned meeting thereof held on the c/ day o 984. Q....,~ d JU e M. Yeo, City C erk/Sei:retary