HomeMy WebLinkAbout1990-03 HA
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RESOillI'ION 90-3
RESOillI'ION OF '!HE HOOSING AIJ'IHORITY OF THE CITY
OF SANI'A ANA APPROVING, AUIK>RIZING, AND DIRECl'ING
'!HE EXEaJTION AND DELIVERY OF A FIRST SUPPUMENTAL
TmJST INDEtmJRE, AND AMENJ:J.IENT 'ro A Iar.N ORIGINATION
AND SERVICING J\GREÐŒNl', A REW\RIŒl'ING J\GREÐŒNl', AND
DIRECI'ING RElATED ACl'IONS IN aHœCl'ION '1HERE.WI'IH, IN
cx:tUUNCI'ION WI'IH '!HE HARB:IR roINl'E APARlMEN'IS PRJJECl'
WHEREAS, the Hcusirq AuthoritY of the CitY of Santa Ana (the
"Issuer") has issued its Variable Rate Demani M.l1tifamily Hcusirq Revenue
Boros (Mercury Sav~ am Loan Association¡Harbor Points Apartments Project),
1985 Series C in the ð.CJ9'ì.egate principal aIID.11'1t of $6,100,000 (the "Boros")
pJrSUant to an In:Ienture of Trost, dated as of December 1, 1985, fran the
Issuer to Seattle-First National Bank, as Trustee (the "Trustee"); am
WHEREAS, the developer of the project f1nance:i with the proceeds
of the Bc:Irxis, HartJor Points Apartments, a California general partnership (the
"Developer") has notified Bankers Trost ~ny ("Bankers Trust") that
pJrSUant to the RemarJœ1:irq I\gJ:eeù.::ut, dated as of December 1, 1985, by am
am:n; the Issuer, Mercury Sav~ am Loan Association (the "Association"),
Bankers Trost am the Developer, the Developer int.eOOs to replace Bankers
Trust as remarJœ1:irq aqent am has requested that the Issuer amerx:l the
In:Ienture am the Loan Origination am Servicirq lIgreement, dated as of
December 1, 1985, am:n; the Issuer, the Trustee, the Association am the
Developer (the "Loan Oriqination I\gJ:eelUl::llt") to provide a revised method of
determinin; the interest rate on the Bc:Irxis am enter into a new remarJœtirq
agreement in oonnection with the remarJœtirq of the Boros; am
WHEREAS, Section 1002 of the In1enture provides that the In:Ienture
may be amerx:led by the execution of a supplemental imenture ~roved am
consented to by the OWners of all of the Boros then OUtstan:lin:J for the
~ of reducirq the interest rate on the Boros;
WHEREAS, the Issuer anticipates that the OWners of all of the
Boros 0lltstan:lin:J will consent to am a¡:prove the execution of a supplemental
in:ienture (the "First SUpplemental Trost In:1enture") as provided in the
In:Ienture; am
WHEREAS, Section 10.6 of the Loan Oriqination Ao;¡1:=..ent provides
for the aIIIE!n3ment of such Agreement \¡pen the written consent of all of the
parties thereto; am
WHEREAS, the Developer, the Association, am the Trustee have
consented to the execution am delivery of the First SUpplemental Trust
In1enture am the Developer, the Association am the Trustee have consented to
the execution am delivery of an amen:intent to the Loan Origination lIgreement
(the "First 1\IneOOment"); am
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WHEREAS, a RemarJœtin;Jl\greement, dated as of February 1, 1990, by
am ~ the Issuer, the Association, the Developer am citicorp Securities
Markets, Inc., as RemarJœtin;J Agent, (the "1990 RemarJœtin;J l\greement") has
been delivered to the Issuer for its a~ thereof;
NCM, 'lEEREFORE, BE IT RESOLVED BY 'nIE Hl:XJSING AUIHORITY OF 'nIE
CITY OF SANI'A ANA, CALIFORNIA lIS FOLI.Cm.>:
SECTIOO" 1. Slmclemental Imenture. ihe Authority hereby ðWroves
am authorizes the execution am delivery of the First SUpplemental Trust
Imenture, in substantially the fom on file with the 8ecretazy of the Issuer
together with any additions thereto or dIan;¡es therein ñ.......,....¡ neoes~azy or
advisable by the Executive Director of the Issuer (the "Executive Director")
pursuant to the advice of Coonsel to the Issuer. ihe O1airman or Vice
O1airman am 8ecretazy 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
Irxienture; provided, that the execution am delivery of the First SUpplemental
Trust Imenture has been consented to am approved by the o..mers of all of the
Boros ~ at the tiJne of the execution am delivery thereof am that
am that the Developer has agreed to pay any fees am expenses of the Issuer,
inc1udirq attorney's fees.
SECTIOO" 2. First Ame1dme!lt. ihe Issuer hereby approves am
authorizes the delivery am execution of the First A1Derximent, in substantially
the form on file with the 8ecretazy of the Issuer together with any additions
thereto or chan;Jes therein ",-..1 neoessazy or advisable by the Executive
Director pm;uant to the advice of the Coonsel to the Issuer. ihe O1airman or
Vice O1airman am the 8ecretazy of the Issuer, or such other persons
designated by the Issuer are hereby authorized am directed to execute am
deliver to the Trustee, the Association, am the Developer, for am in the
name of the Issuer, the First A1Derximent; provided, that the execution am
delivery of the First SUpplemental Trust Imenture has been consented to am
approved by the o..mers of all of the Boros 0UtstarxiliY;J at the time of the
execution am delivery thereof.
SECTIOO" 3. RemarJœtim h:ll-.,ent. ihe Authority hereby approves
am authorizes the execution am delivery of the 1990 RemarJœtin;J l\greement,
in substantially the form on file with the Secretary of the Issuer together
with any additions thereto or chan;Jes therein ñ.......,....¡ neoessazy or advisable by
the Executive Director pm;uant to advice of Coonsel to the Issuer. ihe
01airman or Vice 01airman am the 8ecretazy of the Authority, 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 RemarJœtin;Jl\greement.
SECTIOO" 4. Official Action. ihe Executive Director, any am all
other officials of the Issuer, or such other person designated by the Issuer
are hereby directed, for am on behalf of the Issuer, to do any am all thin;Js
am take any am all actions, includirq, without limitation, the execution am
delivery of any am all all'e1'XIments or supplements to the documents executed
am delivered by the Issuer in connection with the issuance of the Boros, any
am all assignments, certificates, agreements, notices, consents, instruments
of conveyance am other documents which they, or any of them, on the advice of
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Counsel to the Issuer, may deem neoE!S',;,ery or advisable in order to effect the
ameIX1ments of the In:lenture am the Loan Origination Agreement, as provided
herein, am any am all assignments, certificates, agreements, notices,
=nsents, instruments of oonveyance am other doot"""''1'ts which may be required
by the Internal RevemIe Code of 1986, which they, or any of them, on the
advice of Counsel to the AuthoritY, may deem necessary or advisable in
connection with the ameIX1ments of the In:lenture am the Loan Origination
Agreement, as provided herein.
SECTION 5. SUœrsedure of Resolution No. 90-1. Resolution No.
90-1 of the Hcusin:J AuthoritY is hereby superseded am this Resolution shall
be the only action of the AuthoritY with respect to the matters contained
herein.
AOOPI'ED, this
20th day of February, 1990 by the follOW"in:J vote:
AYES:
MEMBERS :
7
Young, Acosta, Griset, May
McGuigan, Norton, Pulido
NOES:
0
MEMBERS :
ABSENT:
0
MEMBERS :
ATl'FSI' :
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Execubve D I
Hcusin:J AuthoritY
APPROVED AS 'ro FORM:
Hcusin:J AuthontY
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