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<br />... <' . <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION NO, 87-11 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA APPROVING EXTENSION OF THE <br />1985 HOME MORTGAGE REVENUE BOND PROGRAM AND <br />APPROPRIATING FUNDS IN CONNECTION THEREWITH <br /> <br />WHEREAS, on July 31,1985, the City of Santa Ana, California <br />(the"City") issued its $18,499,040 aggregate principal amount of <br />Home Mortgage Revenue Bonds, 1985 Series A (the "Bonds") in <br />order to provide funds to make home mortgages with respect to <br />single family residences located within the City (the <br />"Program"); <br /> <br />WHEREAS, a portion of the proceeds of the Bonds was reserved <br />by the City for use in connection with the funding of home <br />mortgages on residences located in the Riverview Housing <br />Development Project (the "Project"), a development previously <br />assisted by the Community Redevelopment Agency of the City of <br />Santa Ana (the "Agency"); <br /> <br />WHEREAS, unless certain actions are taken by the City and <br />certain funds are paid by the Agency to extend the reservation <br />of funds for use in funding home mortgages for homes in the <br />Project, said funds will be used to redeem the Bonds; and <br /> <br />WHEREAS I in furtherance of the provision of decent, safe and <br />sanitary housing within the City and in particular in the <br />Project and to enable persons of low and moderate income to <br />obtain said housing, the Agency desires to assist the city in <br />extending a portion of the reservation of funds for use in <br />connection with the Project by means of appropriating funds <br />necessary to ensure the extension, <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Community <br />Redevelopment Agency of the City of Santa Ana as follows: <br /> <br />1, In order to provide for an extension of funds under the <br />Program for use in connection with the making of home mortgages <br />on homes located within the Project, the Agency hereby <br />appropriates up to $7,000 to be paid to or upon the order of the <br />city. The Executive Director of the Community Development <br />Agency is hereby authorized and directed to pay to the City or <br />its designee, against an invoice therefore, up to the $7,000 <br />heretofore appropriated, said funds to be drawn against the <br />Agency's housing set-aside monies, for use in connection with <br />the extension referred to above, <br /> <br />2, Said Executive Director and other officers of the Agency <br />are hereby authorized and directed, for and in the name and on <br />behalf of the Agency, to execute and deliver such other <br />certificates, agreements or documents which they, or any of <br />them, deem necessary or advisable in order to consummate the <br />extension described herein, <br />