HomeMy WebLinkAbout1994-04 HA
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RESOLUTION NO. 94-04
A RESOLUTION OF THE HOUSING AUTHORITY OF THE
CITY OF SANTA ANA APPROVING ASSUMPTION OF
REMARKETING AGENT DUTIES AND AUTHORIZING AND DIRECTING
THE EXECUTION AND DELIVERY OF DOCUMENTS AND ACTIONS
TO BE TAKEN IN CONNECTION THEREWITH IN CONJUNCTION
WITH THE SYCAMORE APARTMENTS PROJECT
WHEREAS, the Housing Authority of the City of Santa Ana (the
"Issuer") has issued its variable Rate Demand Multifamily Housing
Revenue Bonds (Mercury Savings and Loan Association/Sycamore
Apartments Project), 1987 Series A in the aggregate principal
amount of $3,290,000 (the "Bonds") pursuant to an Indenture of
Trust (the "Indenture"), dated as of September 1, 1987, by and
between the Issuer and Seattle First National Bank, as Trustee
(the "Trustee"); and
WHEREAS, Sycamore Retirement Apartments, Ltd., A California
Limited Partnership, the owner of the project financed with the
proceeds of the Bonds (the IIDeveloper"), has requested that the
Issuer approve the assumption of Remarketing Agent duties by
Paine Webber, Incorporated pursuant to section 6 of that certain
Remarketing Agreement, dated as of September 1, 1987, by and
among Mercury Savings and Loan Association Prudential Bache
Securities, Incorporated and the Developer (the "Remarketing
Agent") .
NOW THEREFORE, BE IT RESOLVED BY THE HOUSING AUTHORITY OF
THE CITY OF SANTA ANA AS FOLLOWS:
1. The assumption by Paine Webber Incorporated of the
duties of the Remarketing Agent set forth in the provisions of
the Remarketing Agreement is hereby approved. The Executive
Director of the Issuer is hereby authorized and directed, for and
in the name and on behalf of the Issuer, to execute and deliver
any and all documents, certificates or consents, and to take any
and all actions and do any and all things as are necessary to
effect the assumption of such Remarketing Agent by Paine Webber
Incorporated.
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This Resolution shall take effect immediately.
ADOPTED, this-1.!Lday of April , 1994 by the following vote:
AYES: 7 MEMBERS: Lutz, Mills, Moreno, McGuigan
Pulido, Richardson, Young
NOES: 0 MEMBERS:
ABSENT: 0 MEMBERS:
ATTEST:
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APPROVED AS TO FORM:
Attorney for H
s ng Authority
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