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2004-01 HA
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Last modified
1/3/2012 12:19:57 PM
Creation date
1/9/2004 4:02:17 PM
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City Clerk
Doc Type
Resolution
Doc #
HA 2004-01
Date
1/5/2004
Destruction Year
PERM
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for the purpose of funding a loan in an amount not to exceed $6,000,000 (the <br />"Loan"); and <br /> <br /> E. The Borrower's obligation to repay the Loan will be evidenced by a <br />promissory note made by Borrower to the order of the Agent for the account of the <br />Authority and secured by a deed of trust executed by the Borrower, naming the <br />Agent, in its capacity as agent for the Authority, as beneficiary; and <br /> <br /> F. The Authority and the Agent will enter into a Master Agency Agreement, <br />dated as of January 1, 2004 (the "Master Agency Agreement") to reflect the terms <br />of their agency relationship; and <br /> <br /> G. The Bonds will be secured by the Issuer's and the Agent's pledge and <br />assignment to the holder of the Bonds of amounts payable by the Borrower in <br />repayment of the Loan pursuant to a Master Pledge and Assignment dated the <br />date hereof (the "Pledge and Assignment") by and among the Issuer, the Agent <br />and U.S. Bank National Association, as holder of the Bonds (the "Holder"); and <br /> <br /> H. The Issuer and the Borrower will execute an amended regulatory <br />agreement, pursuant to which, in compliance with the Act and the policies of the <br />Authority, the Borrower will agree to certain restrictions on the occupancy of units <br />in the Project; and <br /> <br /> I. The Authority hereby finds and declares that this resolution is being <br />adopted pursuant to the powers granted by the Act; and <br /> <br /> J. All conditions, things and acts required to exist, to have happened and <br />to have been performed precedent to and in connection with the issuance of the <br />Bonds as contemplated by this resolution and the documents referred to herein <br />will exist, have happened and have been performed in due time, form and <br />manner as required by the laws of the State of California, including the Act; <br /> <br /> NOW THEREFORE, BE IT RESOLVED BY THE HOUSING AUTHORITY OF <br />THE CITY OF SANTA ANA: <br /> <br /> Section 2. <br />true and correct. <br /> <br />The Authority hereby finds and declares that the above recitals are <br /> <br /> Section 3. Pursuant to the Act and the Pledge and Assignment, the issuance <br />of the Bonds in an aggregate principal amount not to exceed $6,000,000 with a maturity <br />date of February 15, 2034 is hereby authorized. The Bonds shall be executed by the <br />manual or facsimile signature of the Chairperson, Vice Chairperson, Executive Director <br />or Treasurer of the Authority (each, an "Authorized Officer"), and attested by the manual <br />or facsimile signature of the Secretary or any deputy thereof. <br /> <br />Resolution No. HA 2004-001 <br />Page 2 of 4 <br /> <br /> <br />
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