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<br />. <br /> <br />. <br /> <br />. <br /> <br />II <br /> <br />acceptable interest rate, The issuance of the bonds at 11.5 <br />percent will provide mortgage loans to the condominium <br />buyers at approximately 12.1 percent interest. The proceeds <br />from this sale will be used by Security Pacific National <br />Bank to purchase the mortgages from Phase Two. <br /> <br />The bonds will not be an obligation or debt of the <br />Redevelopment Agency of City of Santa Ana, The security for <br />the bonds will be the mortgages on the condominiums. The <br />monthly payments made by the condominium owners will be used <br />to pay the interest and principal on the bonds. <br /> <br />Mr, Andrew C, Hall, Jr. of Jones, Hall, Hill & White <br />explained to the Agency what the Resolutions before them <br />were all about. Resolution 81-40: A RESOLUTION OF THE <br />COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA <br />AUTHORIZING THE ISSUANCE OF RESIDENTIAL MORTGAGE REVENUE <br />BONDS, ISSUE OF 1981, SERIES A (PARTICIPATION PURCHASE AND <br />LOAN TO LENDER PROGRAM), is the principal resolution for <br />consideration by the Agency in connection with the above <br />referenced bond issue. This resolution authorizes the <br />issuance of the Bonds, establishes the relationships of the <br />Agency, the Trustees and the Bondholders, directs the <br />Trustee in the deposit of Bond proceeds and the proper <br />application of proceeds to the purchase of mortgage loans, <br />directs the Trustee as to the making of the Loan to Lender <br />to Citizens Savings and Loan and as to the proper <br />application of revenues delivered by the Lender to the <br />Trustee during the period when the Bonds are outstanding. <br />The Bonds are special obligations of the Agency payable <br />solely with respect to the various funds and accounts <br />established pursuant to this resolution. No other assets of <br />the Agency are liable in any way for payment of the Bonds. <br /> <br />Resolution 81-41: A RESOLUTION OF THE COMMUNITY RE- <br />DEVELOPMENT AGENCY OF THE CITY OF SANTA ANA AMENDING RULES <br />AND REGULATIONS RELATING TO ITS RESIDENTIAL MORTGAGE <br />FINANCING PROGRAM, AUTHORIZING THE EXECUTION OF IMPLEMENTING <br />AGREEMENTS AND PROVIDING OTHER MATTERS PROPERLY RELATING <br />THERETO, is to amend the Agency's Rules and Regulations to <br />include the application of the proceeds of the above <br />referenced bonds within the Agency's Residential Mortgage <br />Financing Program. This is done by amending various <br />definitions, including the definition of "Resolution" and <br />"Project" and by including additional definitions relating <br />to the various agreements required under by the above <br />described resolution issuing the Bonds. It also approves <br />the forms of agreements attached to the resolution for use <br />in connection with the Agency's Residential Mortgage <br />Financing Program and to authorize the appropriate officer <br />of the Agency to execute the agreements on behalf of the <br />Agency, <br /> <br />-2- <br />