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HomeMy WebLinkAbout1990-02 HA . 8 . . . RESOIlJI'ION 90-2 RESOIlJI'ION OF 'nIE musING AIJnDRITY OF 'nIE CITY OF SANI'A ANA APPRJVING, A1J'1HJRIZING, AND D.u<&;l'.li'lG 'nIE EXEaJ'l'ION AND DELIVERY OF A FIRST SUPPUMENI'AL 'lRJST INDENlURE, AND AMENIJoŒNT 'ro A I.OI\N ORIGINATION AND SERVICING AGREEMENI', A REMAR1ŒI'ING AGREEMENI', AND DIRECl'ING REIATED ACI'IONS IN ~ON 'IHEREWI'lH, IN o::>NJUNCI'ION WI'IH 'nIE VIUA VERDE APARIMENTS PROJECl' WHEREAS, the Housin] Authority of the city of Santa Ana (the "Issuer") has isSlted its Variable Rate Deman:i M..ùtifamily Housin] Revenue Bonds (Mercuzy Savin;Js am. Iœn Associatiorvvilla Verde Apartments Project), 1985 Series B in the ëLggl:egate principal annmt of $12,300,000 (the "Bonds") p.¡rsuant to an :rn:Ienture of Trust (lithe ":rn:Ienture"), dated as of ~hP,.. 1, 1985, frail the Issuer to seattle-First National Bank, as Trustee (the "Trustee"); am. WHEREAS, the owner of the project financed with the p~'" of the Bonds, Joe Joodan3' Jeon am. Yan:J Hae Jeon, successors to the original develcpar, (the "Develcpar") has notified Bankers Trust CCIIpany ("Bankers Trust") that p.¡rsuant to the RemarJœtin] Agreement, dated as of December 1, 1985, by am. anr;m; ' the Issuer, Mercury Savin;Js am. Iœn Association (the "Association"), Bankers Trust am. the Develcpar, the Develcpar intems to replace Bankers Trust as remarJœtin] agent am. has requested that the Issuer amerxl the Irxienture am. the Iœn origination am. Servicin] AyL=1IIel1t, dated as of December 1, 1985, anr;m; ' the Issuer, the Trustee, the Association am. the Develcpar (the "Iœn origination AgreEment") to provide a revised method of det:eDtIinirq the interest rate on the Bonds am. enter into a new remarJœtin] agreement in connection with the remarJœtin] of the Bonds; am. WHEREAS, section 1002 of the :rn:Ienture provides that the Irxienture may be amerxled by the execution of a SUWlemental imenture approved am. consented to by the OWners of all of the Bonds then outst.an:iin:J for the pn:pose of reducin] the interest rate on the Bonds; WHEREAS, the Issuer anticipates that the OWners of all of the Bonds 0I.rtstarDin:J will =nsent to am. approve the execution of a SUWlemental in:ienture (the "First SUpplemental Trust Irxienture") as provided in the :rn:Ienture: am. WHEREAS, section 10.6 of the Iœn origination Agreement provides for the amendment of such A.,ju.eùél1t upon the written =nsent of all of the parties thereto; am. WHEREAS, the Develcpar, the Association, am. the Trustee have consented to the execution am. delivery of the First SUpplemental Trust :rn:Ienture am. the Develcpar, the Association am. the Trustee have consented to the execution am. delivery of an amendment to the Iœn origination AgreEment (the "First Amendment"); am. . 8 . . 8 WHERFAS, a RemarJœtirg JlJ,¡L.......el.t, dated as of February 1, 1990, by am aDIOl'Y:J the Authority, the Associatien, the Developer am Citicorp Securities Markets, Inc., as RemarJœtirg l\gent, (the "1990 RemarJœtirq 1Ig1:eeme¡JtIl) has been delivered to the Issuer for its approval thereof; NCM, ~uiŒ, BE IT RESOLVED BY n!E HroSIOO AUIHJRITY OF n!E CITY OF SAN'n ANA, CALIFORNIA AS roUOWS: SæI'ICN 1. SUPPlemental Irrlenture. '!he Issuer hereby approves am authorizes the execution am delivery of the First SUpplemental Trust Irrlenture, in substantially the form en file with the SecretaIy of the Issuer together with aIrý additions thereto or d1an;Jes therein deemed necessary or advisable by the Executive Director of the Issuer (the "Executive Director") p.m;uant to the advice of counsel to the Issuer. '!he O1aiDnan or vice O1aiDnan am SecretaIy of the Issuer, or such other persons designated by the Issuer are hereby authorized am directed to execute am deliver to the Trustee, for am in the name of the Issuer, the First SUpplemental Trust Irrlenture; provided, that the execution am delivery of the First SUpplemental Trost Irrlenture has been consented to am approved by the owners of all of the Boros outstamin;¡' at the time of the execution am delivery thereof am that the Developer has agreed to pay aIrý fees am expenses of the Issuer, inc1udi.rx:J attorney's fees. SæI'ICN 2. First A1nen:iment. '!he Issuer hereby approves am authorizes the delivery am execution of the First .AInen:hnent, in substantially the form on file with the secretary of the Issuer together with aIrý additions thereto or chan;Jes therein ~ necessary or advisable by the Executive Director p.m;uant to the advice of the counsel to the Issuer. '!he O1aiDnan or vice O1aiDnan am the secretary of the Issuer, or such other persons designated by the Issuer are hereby authorized am directed to execute am deliver to the Trostee, the Association, am the Developer, for am in the name of the Issuer, the First A1nen:iment: provided, that the execution am delivery of the First SUpplemental Trust Irrlenture has been consented to am approved by the owners of all of the Boros outstamin;¡' at the time of the execution am delivery thereof. SECI'ICN 3. RemarJœtiIx:f Ar.,j...="ent. '!he Issuer hereby approves am authorizes the execution am delivery of the 1990 RemarJœtirq Agreement, in substantially the form en file with the secretary of the Issuer together with aIrý additions thereto or chan;Jes therein ~ necessary or advisable by the Executive Director p.m;uant to advice of counsel to the Issuer. '!he Q1aiDnan or Vice Q1aiDnan am the SecretaIy of the Issuer, or such other person designated by the Issuer, are hereby authorized am directed to execute am deliver to the parties thereto, for am in the name of the Issuer, the 1990 RemarJœtirq Agreement. SECI'ICN 4. Official Action. '!he Executive Director, aIrý am all other officials of the Issuer, or such other person designated by the Issuer are hereby directed, for am en behalf of the Issuer, to do aIrý am all thin:Js am take aIrý am all actions, inc1udi.rx:J, without limitatien, the execution am delivery of aIrý am all amen:'Iments or supplements to the dOClUllel"lts executed am delivered by the Issuer in connection with the issuance of the Boros, aIrý am all assigrønents, certificates, agreements, notices, consents, :instnunents of conveyance am other documents which they, or aIrý of them, on the advice of r . . 8 . . 8 0Junsel to the Issuer, may deem necessary or advisable in order to effect the ame¡rlmeItts of the Imenture am the Loan Origination Ao,¡L~tt, as provided herein, am any am all assi., ulI""'tts, certificates, a.,¡L""""""'tts, notices, consents, instruments of conveyance am ather dc)c,nnø'1ts whidl may be required by the Intemal Revern¡e Cede of 1986, whidl they, or any of them, on the advice of 0Junsel to the ISS'",r, may deem necessary or advisable in oannection with the amerx!meltts of the Imenture am the Loan Origination Þ.greement, as provided herein. AOOPl'ED, this 20th day of February, 1990 by the followin:] vote: AYES: 7 Young, Acosta, Griset, May McGuigan, Norton, Pulido MEMBERS : NOES: 0 MEMBERS : ABSENT: 0 MEMBERS : OJairman ATI'EST: Execubve D r/ Housin:] Authority APEroVED AS 'ro FORM: />-"'----- ......~ v :~~þ~.:~ ~j~....~- ~ ..- .~.: ;;;. -'. ~:' ji;.~ '":.";.. ¡; , !:' ... } - ~==-\ \i ~~ "1; ", ~..\. Ë -= ¡ ~ ." - .> ~ '....~ôI"¡;;" t<r~ ~ ':.:..~::,¥ ~4 . -",; .:""