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The Borrower has requested that the Authority execute and deliver a
<br />financing agreement and a regulatory agreement and declaration of
<br />restrictive covenants in connection with the issuance and delivery of the
<br />Bonds.
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<br />The Authority hereby finds and declares that this resolution is being
<br />adopted pursuant to the powers granted by the Act, and all conditions,
<br />things and acts required to exist, to have happened and to have been
<br />performed precedent to and in the issuance of the Bonds and the
<br />implementation of the Program as contemplated by this resolution and the
<br />documents referred to herein exist, have happened and have been
<br />performed in due time, form and manner as required by the laws of the
<br />State of California, including the Act.
<br />
<br /> Section 2. Pursuant to the Act and the Financing Agreement (hereinafter
<br />defined), revenue bonds of the Authority, designated as "Housing Authority of the City
<br />of Santa Aha Multifamily Housing Revenue Bonds (Santiago Villas Apartments) 2003
<br />Series A" in an aggregate principal amount not to exceed $5,100,000 (the "Bonds") are
<br />hereby authorized to be marketed. The Bonds shall be executed by the manual or
<br />facsimile signature of the Chairperson, Vice Chairperson, Executive Director or
<br />authorized signatory of the Authority, and attested by the manual or facsimile signature
<br />of the Secretary, in the form set forth in and otherwise in accordance with the Financing
<br />Agreement (as hereinafter defined).
<br />
<br /> Section 3. A Pledge and Assignment Agreement (the "Pledge and Assignment
<br />Agreement") among the Authority, Washington Mutual Bank, FA, as agent (the
<br />"Agent"), and Washington Mutual Bank, FA, as originator of the Mortgage Loan and
<br />owner of the Bonds, in the form presented to this meeting, is hereby approved. The
<br />Chairperson, Vice Chairperson, Executive Director or any authorized deputy thereof
<br />(the "Designated Officers") are, and each of them acting alone is, hereby authorized, for
<br />and in the name and on behalf of the Authority, to execute and deliver the Pledge and
<br />Assignment Agreement, and the Secretary or any authorized deputy thereof is hereby
<br />authorized, for and in the name and on behalf of the Authority, to attest the Designated
<br />Officer's signature on the Pledge and Assignment Agreement, in substantially said
<br />form, with such additions thereto or changes therein as are recommended or approved
<br />by the Executive Director upon consultation with bond counsel to the Authority,
<br />including such additions or changes as are necessary or advisable in accordance with
<br />Section 6 hereof, and which may be required in connection with providing alternate
<br />security for the payment of the principal of and interest on a portion of the Bonds,
<br />(provided that no additions or changes shall authorize an aggregate principal amount of
<br />Bonds in excess of $5,100,000, the approval of such additions or changes to be
<br />conclusively evidenced by the execution and delivery by the Authority of the Pledge and
<br />Assignment Agreement. The date, maturity dates, interest rate or rates, interest
<br />payment dates, denominations, form, registration provisions, manner of execution,
<br />place of payment, terms of redemption, and other terms of the Bonds shall be as
<br />provided in the Pledge and Assignment Agreement as finally executed.
<br />
<br />Resolution No. HA 2003-04
<br />Page 2 of 4
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