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RESOLUTION NO. 87-32 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA <br /> ANA APPROVING EXTENSION OF 1985 HOME MORTGAGE <br />REVENUE BOND PROGRAM, AND APPROVING AND AUTHORIZING THE <br />EXECUTION OF DOCUMENTS AND DIRECTING ACTIONS IN <br />CONNECTION THEREWITH <br /> <br /> WHEREAS, on July 31, 1985, the City of Santa Aha, California <br />(the"City") issued its $18,499,040 aggregate principal amount of <br />Home Mortgage Revenue bonds, 1985 Series A (the"Bonds") in order <br />to provide funds to make home mortgages with respect to single <br />family residences located within the City (the "Program"); <br /> <br /> WHEREAS, a portion of the proceeds of the Bonds was reserved <br />by the City for use in connection with the financing of home <br />mortgages on such homes as the City determines; <br /> <br /> WHEREAS, Section 303,(D)(1) of the Trust Indenture for the <br />Bonds (the "Trust Indenture") provides that unless certain <br />actions are taken by the City on or before May 1, 1987, <br />including the payment of certain funds, all amounts reserved for <br />use in the funding of home mortgages under the Program will <br />instead be used to redeem a portion of the Bonds; <br /> <br /> WHEREAS, bond counsel to the City in connection with the <br />Bonds, and the City's financial advisor with respect to the <br />Program have advised the City that an extension of the <br />availability of funds under the Program is permissible and <br />feasible provided that certain funds are paid to the trustee for <br />the Bonds and certain amendments to the program documents are <br />prepared and executed; <br /> <br /> WHEREAS, the Community Redevelopment Agency of the City of <br />Santa Ana (the "Agency") is willing to provide the funds (in an <br />amount not to exceed $7,000) necessary to accomplish the <br />extension from housing set-aside monies held by it; and <br /> <br /> WHEREAS, it is the desire of the City to extend the <br />availability of funds under the Program for the making of home <br />mortgages in order to further the provision of decent, safe and <br />sanitary housing to persons of iow and moderate income within <br />the City all as contemplated by the Program. <br /> <br /> NOW, THEREFORE, the City Council of the City of Santa Aha <br />resolves as follows: <br /> <br /> 1. In order to provide for an extension of funds under the <br />Program for use in connection with the making of home mortgages, <br />the City hereby authorizes and directs the Executive Director of <br />the Community Development Agency of the City to execute and <br />deliver, for and in the name and on behalf of the City, such <br />amendments to the Program documents as the Executive Director, <br />upon consultation with bond counsel to the City and the City <br /> <br /> <br />