Laserfiche WebLink
Resolution 85-83 <br />Page 4 <br /> <br /> Section 5. The City does hereby create an issue of its <br />Home Mortgage Revenue Bonds, 1985 Series A in an aggregate <br />principal amount not to exceed $20,000,000 (the "Bonds"), <br />and resolves that the Bonds shall be issued under, executed <br />in accordance with, and secured by the Indenture; provided <br />that, prior to such issuance and execution, each of the <br />following shall occur: <br /> <br /> (a) The Mortgage Bond Allocation Committee shall <br />have authorized the City to issue Bonds in an aggregate <br />principal amount at least equal to the aggregate principal <br />amount of Bonds authorized to be issued pursuant to this <br />Resolution; and <br /> <br /> (b) The City shall have adopted a resolution, <br />after a public hearing following reasonable public notice, <br />approving a policy statement as described in Section 103(j)(5)(B) <br />of the Internal Revenue Code of 1954, as amended, and directing <br />publication of such policy statement. <br /> <br /> Section 6. The interest rate or rates to be borne by <br />the Bonds shall be as established in the Indenture. <br /> <br /> Section 7. Verex Mortgage Company is hereby designated <br />pursuant to Section 52020(b) of the California Health and <br />Safety Code as administrator of the Program with respect to <br />the Bonds. <br /> <br /> Section 8. The form, terms and provisions of the <br />Purchase Contract are hereby approved and the City Manager <br />of the City is hereby authorized and directed on behalf of <br />this City and in its name to execute and deliver to the <br />Underwriters the Purchase Contract in substantially the form <br />presented to and considered at this meeting of the City <br />Council, with such changes therein, however, as may be <br />approved by the City Manager executing the same, such approval <br />to be conclusively evidenced by his execution thereof. The <br />City Manager is authorized and empowered to fix, by agree- <br />ment with the Underwriters, the terms and conditions upon <br />which the Bonds shall be sold to the Underwriters pursuant <br />to the Purchase Contract. <br /> <br /> Section 9. The City Manager, who shall sign by facsimile <br />signature, is hereby authorized and directed to execute, in <br />the name of the City and on its behalf, and the City Clerk, <br />who shall sign by facsimile signature, is hereby authorized <br />and directed to impress the City seal or a facsimile thereof <br /> <br /> <br />