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.. -F"Ii" < #. , . . . . . . . . 8 . . - . DMF/fm 7/25/80 RESOLUTION NO. 80-5 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANT~ ANA AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE CERTAIN DOCUMENTS PUR- SUANT TO THE PROPERTY REHABILITATION LOAN PROGRAM WHEREAS, pursuant to that certain agreement dated August 2, 1977, the City of Santa Ana and the Housing Authority of the City of Santa Ana ("Authority") agreed to pledge"as security for loans from United California Bank ("Bank"), promissory notes executed by homeowners to whom Authority loaned'money for property rehabilitation purposes; and WHEREAS, pursuant to that certain agreement dated November 6, 1978, Authority agreed to pledge, as security for loans from Bank, promissory notes executed by homeowners to whom Authority loaned money for property rehabilitation purposes; and WHEREAS, pursuant to that certain agreement dated May 6, 1980, ("said agreement") Authority agreed to pledge, as security for loans from Bank, promissory notes executed by homeowners to whom Authority loaned money under its provisions; and . WHEREAS, said agreement provides for an assignment of trust deeds executed by borrowers as security for loans from Authority, the execution by Authority of a security agreement, of a written request by Authority for each loan application Authority desires Bank to process after Bank's initial disapproval of said application and of other documents necessary to the implementation of said agreement; and WHEREAS, Authority authorized its Executive Director on May 5, 1980 to execute Authority notes made under the provisions of said agreement, dated May 6, 1980; and WHEREAS, Authority desires by this Resolution to ratify the May 5, 1980 authorization of Authority's Executive Director to execute Authority promissory notes; and WHEREAS, Authority desires to authorize its Executive Director to assign to United California Bank promissory notes made by homeowners borrowing under the terms of the August 2, 1977 agreement, the November 6, 1978 agreement and the May 6, 1980 agreement; and , WHEREAS, Authority also desires to implement the provisions of said agreement by authorizing its Executive Director to execute an assignment of borrower trust deeds, a security agreement, requests by Authority for Bank to process certain loan applications which Bank has initially disapproved and all other documents required to be executed by Authority pursuant to the May 6, 1980 agreement. NOW, THEREFORE, BE IT RESOLVED by the Housing Authority of the City of Santa Ana as follows: 1. The action of the Housing Authority of May 5, 1980 authorizing its Executive Director to sign Authority notes is hereby ratified.