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<br />WHEREAS, all conditions, things and acts required to exist, to have
<br />happened and to have been performed precedent to and in the issuance
<br />of the Bonds and the implementation of the Program as contemplated by
<br />. this Resolution and the documents referred to herein exist, have
<br />happened and have been performed in due time, form and manner as
<br />required by the laws of the state of California, including the Act.
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<br />NOW, THEREFORE, IT IS HEREBY DETERMINED AND ORDERED as follows:
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<br />1. The Authority hereby finds and declares that the above
<br />recitals are true and correct.
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<br />2. Pursuant to the Act and the Indenture (hereinafter defined),
<br />revenue bonds of the Authority designated as "Housing Authority of
<br />the èity of Santa Ana variable Rate Demand Multifamily Housing
<br />Revenue Bonds (Mercury Savings and Loan Association/Sycamore
<br />Apartments Project), 1987 Series A" in an aggregate principal
<br />not to exceed $3,290,000 (the "Bonds"), are hereby authorized
<br />issued. The Bonds shall be executed in the form set forth in
<br />otherwise in accordance with the Indenture.
<br />
<br />amount
<br />to be
<br />and
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<br />3. The proposed form of indenture of trust (the "Indenture")
<br />between the Authority and a trustee for the Bonds (the "Trustee"),
<br />loan origination and servicing agreement, among the Authority, the
<br />Trustee, Mercury Savings and Loan Association (the "Association"),
<br />and Sycamore Retirement Apartments, Ltd., A California Limited
<br />Partnership (the "Developer"), regulatory agreement and declaration
<br />of restrictive covenants, among the A~thority, the Trustee, the
<br />Association and the Developer, remarketing agreement, among the
<br />Authority, the Developer, the Association and the remarketing agent
<br />listed therein, and theprel1minary official statement for the bonds
<br />(" Preliminary Official statement"), each in the form presented to the
<br />Authority at this meeting, are hereby approved. The Chairman of the
<br />Authority is hereby authorized and directed to execute and deliver
<br />each of said documents in substantially said forms, with such
<br />additions thereto or changes therein as are approved by the Chairman
<br />upon consultation with Bond Counsel (including such additions or
<br />changes as are necessary or advisable in accordance with Section 11
<br />hereof), the approval of such additions or changes to be conclusively
<br />evidenced by the execution and delivery of said documents by the
<br />Chairman. The date, maturity dates, interest rate or rates, interest
<br />payment dates, denominations, form, registration privileges, manner
<br />of execution, place of payment, terms of redemption and other terms
<br />of the Bonds shall be as provided in the Indenture as finally
<br />executed.
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<br />4. The proposed form of bond purchase agreement (the "Purchase
<br />Contract") among the Authority, Bancroft, Garcia & Lavell, Inc. and
<br />Prudential-Bache Securities, Inc. (collectively, the "Underwriters"),
<br />and the Developer is hereby approved. The Chairman of the Authority
<br />is hereby authorized and directed to accept the offer of the
<br />Underwriters to purchase the Bonds contained in the Purchase Contract
<br />and to execute and deliver said Purchase Contract in substantially
<br />said form, with such additions thereto or changes therein as are
<br />recommended or approved by the Chairman upon consultation with Bond
<br />Counsel including such additions or changes therein as are necessary
<br />or advisable in accordance with Section 11 hereof (provided that no
<br />such change shall increase the principal amount of the Bonds over
<br />$3,290,000 and the interest rate to be borne by any maturity of the
<br />Bonds initially shall not be in excess of 8.5% and the underwriters'~ l\
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