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0' . '8 . . ". RESOLUTION NO. 88-7 RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA AUTHORIZING EXECUTION OF SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM ANNUAL CONTRIBUTIONS CONTRACT NO. SF-503 PART I FOR MODERATE REHABILITATION PROGRAM INCLUD- ING PROJECT NO. CA16-K093-003 AND PROVIDING FOR THE DEPOSIT OF MONIES PURSUANT TO A GEN- ERAL DEPOSITARY AGREEMENT WHEREAS, the HOUSING AUTHORITY OF THE CITY OF SANTA ANA (herein called the "Public Housinq Aqency") proposes (1) to enter into a Section 8 Housinq AS8istance Payments proqram Master Section 8 Annual contributions Contract (herein called the "Contract ") with the United States of America (herein called the "Government"); and (2) to provide for the deposit of monies pursuant to a General Depositary Aqreement with a financial institution which is a member of the ,Federal Deposit Insurance Corporation (herein called the "Bank"); all with respect to any "Project" as defined in the Contract, and which at any time, now or hereafter, is incorporated under the terms of such Contract: NOW, THEREFORE BE IT RESOLVED By The Public Housing Aqency as follows: SECTION 1. The proposed Contract, designated "Section 8 Housinq Assistance Payments proqram Annual Contributions contract, Part I for Moderate Rehabilitation proqram including Project No. CA16-K093-003," pursuant to the United States Housing Act of 1937, as amended, is hereby approved and accepted both as to form and substance, and the Chairman is hereby authorized and directed to execute said contract in three counterparts on behalf of the Public Housinq Agency and to forward such executed counterparts to the Government, together with such other documents evidencinq the approval and authorizing the execution thereof as may be required by the Government. SECTION 2. The Annual Contributions Contract Part I for Moderate Rehabilitation Program, as approved and accepted in Section 1 hereinabove, is hereby incorporated into Master Section 8 Annual contributions Contract No. SF-503 (K). SECTION 3. The California First Bank and the Public Housinq Aqency have previously entered into a General Depositary Aqreement, Form HUD-51999A, dated September 4, 1975, which provides for the deposit of specified monies of ". . . one or more additional low rent housinq projects. . .." The Public Housinq Agency hereby determines that pursuant to the terms of the Aqreement the aforenamed Bank shall be the Depositary for the section 8 Housing Assistance Payments Program and/or Project established under the Contract hereinabove approved.