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<br />ARTICLE II <br />AUTHORIZATION AND ISSUANCE OF BONDS <br /> <br />. <br /> <br />201. Authorization of Bonds. In .order to provide funds for the <br />Financing of Residential Construction, Bonds of the Agency to be known and <br />designated as "Corrmunity Redeve1.opment Agency of the City of Santa Ana <br />Residential Mortgage Revenue Bonds, Issue of 1981, Series A (Participation <br />Purchase and Loan to Lender Program)" are hereby authorized to be issued in <br />the aggregate principal amount .of $15,730,000. . <br /> <br />202. Purposes. The purposes for which the Bonds are being issued are <br />(i) to pay the Costs of Issuance of the Bonds, (ii) t.o purchase the M.ortgage <br />Loan Participation and (iii) to provide funds with which to make a Loan to <br />Lender to provide Financing for the Program, all to the extent and in the <br />manner provided in Article V of this Resolution. <br /> <br />203. Date and Maturities. The Issue Date of the Bonds shall be May 1, <br />1981. The B.onds shall be dated as of their Issue Date except as .otherwise <br />provided in Secti.on 301 in the case of Fully Registered Bonds, shall mature on <br />the dates and in the principal amounts, and shall bear interest at the rate or <br />rates, indicated herein: <br /> <br /> Interest . <br />Due Amount Rate <br />1984 $ 205,000 9.00% . <br />1985 85,000 9.25 <br />1986 90,000 9.50 <br />1987 100,000 9.75 <br />1988 105,000 10.00 <br />1989 120,000 10.25 <br />1990 125,000 10.40 <br />1991 140,000 10.50 <br />1996 965,000 11.00 <br />2002 2,100,000 11.25 <br />2014 11,695,000 11.50 <br /> <br />The Bonds maturing the years 1996, 2002 and 2014 shall be Term Bonds. <br /> <br />204. Interest Payments. The Interest Payment Dates of the Bonds shall <br />be May 1 and November 1 of each year, commencing May I, 1982. Fully <br />Registered Bonds shall bear interest from their date, payable on and after May <br />1~ 1982, on May 1 and N.ovember 1 .of each year. <br /> <br />. <br /> <br />205. Denominations, Numbers and Letters. The Bonds shall be issued as <br />Bearer Bonds in the denomination .of $5,000 each registerable as to principal <br />.only or as Fully Registered Bonds in the denomination of $5,000, or any <br />integral multiple thereof not exceeding the aggregate principal amount of <br />Bonds maturing in the year of maturity of the Fully Registered Bond for which <br /> <br />. <br /> <br />15 <br />