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RESOLUTION NO. 80- 123 <br />PAGE TWO <br /> <br />proceeds of the Bonds. <br /> <br /> 6. The Bonds shall be, and are, special obli- <br />gations of the City and, subject to the right of the City to <br />apply moneys as provided, are hereby secured by an irre- <br />vocable pledge of the mortgage loans and revenues and funds <br />and accounts to be held by the trustee, and are payable as <br />to principal, redemption price, if any, and interest from <br />the revenues of the City as herein described. The Bonds are <br />not a debt of the State of California or any of its politi- <br />cal subdivisions; and neither the State, nor any of its <br />political subdivisions is liable thereon; nor in any event <br />shall the Bonds be payable out of any funds or properties <br />other than all or any part of the revenues, mortgage loans, <br />and funds and accounts as in this resolution set forth. The <br />Bonds do not constitute an indebtedness within the meaning <br />of any constitutional or statutory debt limitation or re- <br />striction. Neither the members of the City Council nor any <br />persons executing the Bonds shall be liable personally on <br />the Bonds, or subject to any personal liability or account- <br />ability by reason of the issuance thereof. <br /> <br /> 7. The aforesaid total principal amount of Eigh- <br />teen Million Dollars ($18,000,000.00) of the Bonds consti- <br />tutes the aggregate face amount of obligations to be issued <br />for the funding of mortgages originated with respect to the <br />Program. <br /> <br /> 8. The appropriate officers and employees of the <br />City hereby are authorized and directed to provide for the <br />sale of the Bonds, and to take such steps as shall be <br />appropriate to implement such sale and the delivery of the <br />Bonds. <br /> <br /> 9. This resolution constitutes a proper exercise <br />of the powers of this body, and conforms to State and local <br />legal requirements relating to the issuance of residential <br />rehabilitation mortgage revenue bonds by a municipal cor- <br />poration of this State. <br /> <br />ADOPTED this 21st day of July , 1980, <br />by the following vote: <br /> <br />AYES: <br /> <br />NOES: <br /> <br />COUNCILMEN: BRICKEN, GRISET, LUXEMBOURGER, <br /> SERRATO, WARD, YAMAMOTO <br />COUNCILMEN: MARKEL <br /> <br /> ABSENT: <br /> <br /> ATTEST: <br /> <br /> c. GuY / <br />k/CLERK OF THE COUNCIL <br /> <br />COUNCILMEN: NONE <br /> <br />RD, MAYOR <br /> <br />APPROVED AS TO FORM: <br /> <br />EDWARD J. COOFER <br />CITY ATTORNEY <br /> <br /> <br />