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HomeMy WebLinkAbout1997-04 HA . . . RESOLUTION NO. 97-04 A RESOLUTION OF THE HOUSING AUTHORITY OF THE CITY OF SANTA ANA APPROVING A SUPPLEMENTAL INDENTURE OF TRUST, AND AUTHORIZING THE EXECUTION AND DELIVERY THEREOF, AND AUTHORIZING AND DIRECTING THE EXECUTION AND DELIVERY OF DOCUMENTS AND ACTIONS TAKEN IN CONNECTION THEREWITH, IN CONJUNCTION WITH 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, dated as of September 1, 1987, by and between the Issuer and First Trust National Bank, as successor trustee to Seattle-First National Bank (the "Trustee"), as supplemented (the "Indenture); and WHEREAS, the proceeds of the Bonds were used by the Issuer to finance the construction and development of a multifamily rental housing development owned by Sycamore Retirement Apartments, Ltd., a California limited partnership (the "Borrower"); and WHEREAS, the Bonds are secured by a letter of credit (the "Letter of Credit") issued by Mercury Savings and Loan Association, the rights and obligations of which have been succeeded to and assumed by TEJV-1, L,P. a Delaware limited partnership (the "Bank"); and WHEREAS, the Borrower and the Bank have requested certain amendments be made to the Indenture; and WHEREAS, the Indenture provides that the Indenture may be amended by the execution of a supplemental indenture, to modify, amend or supplement the Indenture in any manner, and to add any such other terms, conditions and provisions, which shall not materially adversely affect the holders of the Bonds; and WHEREAS, the amendment of the Indenture pursuant to the provisions of a Supplemental Indenture of Trust, dated as of August 1, 1997, by and between the Issuer and the Trustee will not materially adversely affect the holders of the Bonds; and WHEREAS, the Borrower, the Bank and the Trustee will consented to the execution and delivery of a Supplemental of Trust prior to or on the effective dates thereof. have Indenture WHEREAS, the Issuer has determined, pursuant to section 34292 of the Health and Safety Code of the State of California (the "Housing Authorities Law") that the amendment of the Indenture pursuant to the Supplemental Indenture and the amendment of related documents, and the adoption of this resolution is an "emergency matter" within the meaning of the Housing Authorities Law without benefit of the review by or recommendations of the Redevelopment and Housing Commission. . . . NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE CITY FO SANTA ANA AS FOLLOWS: SECTION 1. The Supplemental Indenture of Trust (the "Supplernental Indenture") between the Issuer and the Trustee, in the form presented to this meeting, is hereby approved. The Chairman and the Executive Director (the "Authorized Representatives") are each hereby authorized and directed, for and in the name and on behalf of the Issuer, to execute and deliver the Supplemental Indenture, and the Secretary of the Issuer is hereby authorized and directed, for and in the name and on behalf of the Issuer, to attest the signature of the Authorized Representatives, in substantially said form, with such additions thereto or changes therein as are recommended or approved by the Authorized Representatives upon consultation with bond counsel to the Issuer, including such additions or changes as are necessary or advisable in accordance with Section 2 hereof, the approval of such additions or changes to be conclusively evidenced by the execution and delivery by the Issuer of the Supplemental Indenture. SECTION 2. The adoption of this Resolution, and the amendment of the Indenture pursuant to the Supplemental Indenture and the arnendment of documents related thereto, is hereby declared an "emergency matter" within the meaning of the Housing Authorities Law adopted and approved without the benefit of review or recommendations of the Redevelopment and Housing Commission, SECTION 3, Official Action. The Authorized Representatives and any and all other officials of the Issuer or such other person designated by the Issuer are hereby directed, for and on behalf of the Issuer, to do any and all things and take any and all actions including, without limitation, the execution and delivery of any and all amendments or supplements to the documents executed and delivered by the Issuer in connection with the issuance of the Bonds, including, but not limited to, any supplements or amendments to the Indenture necessary to receive a rating on the Bonds, any and all assignments, certificates, agreements, notices, consents, instruments of conveyance and other documents, which they, or any of them, on the advice of bond counsel to the Issuer, may deem necessary or advisable in order to effect the amendment of the Indenture, as provided herein, and to accomplish the purchase in lieu of redemption and rernarketing of the Bonds, and any and all assignments, certificates, agreements, notices, consents, instruments or conveyance and other documents which may be required by the Internal Revenue Code of 1986, which they, or any of them, on the advice of bond counsel to the Issuer, may deem necessary or advisable in connection with the execution of the Supplemental Indenture, as provided herein. 7/23/97 11:38 AM . . . It . ,.1. Adopted this ~th day of August vote: AYES: 7 NOES: 0 ABSENT: ATTEST: ~~ Executlve Dlrector Community Development Agency APPROVED AS TO FORM: é¿ç,~ ousing Authority Legal Counsel 7/23197 11 :38 AM , 1997 by the following MEMBERS: Espinoza, Franklin, Lutz, ~reno, McGuigan, Pulido, Richardson MEMBERS: MEMBERS: