HomeMy WebLinkAboutRDA Res 79-4 1979-10-01
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RESOLUTION NO. ~~-~
A RESOLUTION AUTHORIZING THE ISSUANCE OF
$100 MILLION PRINCIPAL AMOUNT OF THE REDEVELOP-
MENT AGENCY TO THE CITY OF SEAL BEACH RESIDENTIAL
MORTGAGE REVENUE BONDS ISSUE OF 1980 FOR THE
PURPOSE OF ACQUIRING MORTGAGES ORIGINATED WITH
RESPECT TO THE RIVERFRONT REDEVELOPMENT PROJECT
AMENDED (12-29-75)
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RESOLVED, by the Members of the Redevelopment Agency of the City of Seal
Beach, California
WHEREAS, this Agency has heretofore formulated a proposal to issue bonds
to acquire mortgages originated with respect to the hereinafter designated project;
and
WHEREAS, it is in the public interest, for the public benefit and furtherance
of the public purposes of this Agency that this body authorize the issuance of
said bonds.
NOW, THEREFORE, it is hereby DETERMINED and ORDERED as follows:
1. The Redevelopment Agency of the City of Seal Beach (hereinafter referred
to as the "Agency") constitutes a redevelopment agency legally and validly organized
and existing under the Community Redevelopment Law, being Part 1, commending with
Section 33000, of Division 24 of the Health and Safety Code of the State of
Cal ifornia.
2, Pursuant to Chapter 8, commencing with Section 33750, of said Part 1 of
Division 24, the Agency is legally authorized to issue bonds and to use the proceeds
thereof to acquire mortgages on owner-occupied residences.
3. This body constitutes the governing body of the Agency and is legally
authorized to provide for issuance of bonds by the Agency.
4. Riverfront Redevelopment Project, Amended Portion (12-29-75) (hereinafter
referred to as the "Project") constitutes a new housing development, to be comprised
of owner-occupied residences, located within the jurisdiction of the Agency.
5. Redevelopment Agency of the City of Seal Beach Residential Mortgage
Revenue Bonds Issue of 1980 (hereinafter referred to as the "Bonds") are hereby
authorized to be issued in the principal amount of $100 Million for the purpose
of acquiring mortgages originated with respect to the Projects, for the payment
of issuance costs with respect to the Bonds and for the establishment of a mortgage
reserve fund and a debt service reserve fund to provide for the further security of
the Bonds,
6. The Bonds shall be payable from the following described revenues: all
payments, proceeds, charges, rents and all interest and other income derived in cash
by the trustee or a servicer by or for the account of the Agency from or related to
the residential mortgage financing program, including, without limiting the generality
of the foregoing, scheduled amortization payments of principal of and interest on mortgage
loans, prepayments, the proceeds of sale of residences on foreclosure of or other recovery
proceedings with respect to defaulted mortgage loans (net of amounts required to be
paid to mortgagors or other owners of residences), the proceeds of hazard insurance aRd
special hazard insurance (net of amounts req~ired to be applied to the restoration
of residences) and interest earned or income derived from the investment or deposit
of moneys held by the trustee, including mortgage insurance proceeds.
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7. The Bonds shall be and are special obligations of the Agency and,
subject to the right of the Agency to apply moneys as provided, are hereby
secured by an irrevocable pledge of the mortgage loans and revenues, and funds
and accounts to be held by the trustee and are payable as to principal,
redemption price, if any, and interest from the revenues of the Agency as herein
described, The Bonds are not a debt of the City of Seal Beach, the State of
California or any of its political subdivisions is liable thereon, nor in any
event shall the Bonds be payable out of any funds or properties other than all
or any part of the revenues, mortgage loans, and funds and accounts as in this
Resolution set forth. The Bonds do not constitute an indebtedness within the
meaning of any constitutional or statutory debt limitation or restriction,
Neither the members of the Agency nor any persons executing the Bonds shall be
liable personally on the Bonds or subject to any personal liability or account-
ability by reason of the issuance thereof.
8. The aforesaid principal amount of $100 Million of the Bonds constitutes
the aggregate face amount of obligations to be issued pursuant to the issue of
Bonds, and the Agency shall take such steps as shall be appropriate to implement
such sale and the delivery of the Bonds.
9. The Chairman of the Agency is hereby authorized and directed to
provide for the sale of the Bonds, and the Agency shall take such steps as shall
be appropriate to implement such sale and the delivery of the Bonds.
10. This Resolution constitutes a proper exercise of the powers of this
body and conforms to State and local legal requirements relating to the issuance
of residential mortgage revenue bonds by a Redevelopment Agency in this State,
11. This Resolution does not supercede or affect the prior Resolution
adopted relating to SB 99 mortgage bonds for the Seal Beach Trailer Park.
PASSED, APPROVED and ADOPTED by the Redevelopment Agenc~ of the City ~ Seal J
Beach, Califor.nia, at a meeting thereof held on the /.J1t day of {(ltd:,,~&.. '
1979, by the following vote:
AYES, A""y "'b,4It/)~c;15
NOES: Agency Members~
ABSENT: Agency MemberS~_A( f/, 'tt,)/ ;A:.J
ATTEST:
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