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<br />~ .' ",,~'. . <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />REL:mb 11/5/92 <br /> <br />RESOLUTION NO. 92-14 <br /> <br />A RESOLUTION OF THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA CONCERNING THE <br />REDEMPTION OR DEFEASANCE OF CERTAIN BONDS OF <br />THE AGENCY AND PROVIDING FOR THE SALE OF <br />RELATED MORTGAGE LOANS, PARTICIPATION <br />CERTIFICATES AND OTHER ASSETS AND AUTHORIZING <br />THE EXECUTION AND DELIVERY OF ALL NECESSARY <br />DOCUMENTS <br /> <br />WHEREAS, the Community Redevelopment Agency of the city of <br />Santa Ana (the "Agency") has heretofore issued its Residential <br />Mortgage Revenue Bonds, Issue of 1980, Series A, and its <br />Residential Mortgage revenue Bonds, Issue of 1981, Series A <br />(collectively, the "Bonds"); <br /> <br />WHEREAS, it is now desirable to provide for the redemption or <br />defeasance of the Bonds and to provide for the sale of mortgage <br />loans, participation certificates in mortgage loans and other <br />assets held under the resolutions of the Agency pursuant to which <br />the Bonds were issued (collectively the "Resolutions"); <br /> <br />WHEREAS, the Bonds may be defeased or redeemed without the <br />necessity of any appropriation of funds by the Agency other than <br />funds presently held under the Resolutions, and the Agency may <br />receive a distribution of cash or other assets as a result of the <br />defeasance or redemption of the Bonds; and <br /> <br />WHEREAS, in connection with such defeasance or redemption it <br />may be advantageous to sell the mortgage loans (the "Mortgage <br />Loans") and the participation certificates in mortgage loans (the <br />Participation certificates") and the Loan Note (the "Lender Note") <br />presently held under the Resolutions. <br /> <br />NOW, THEREFORE,BE IT RESOLVED BY THE COMMUNITY REDEVELOPMENT <br />AGENCY OF THE CITY OF SANTA ANA AS FOLLOWS: <br /> <br />section 1. Subject to section 2 hereto, the Chairman, the <br />Executive Director, the Secretary and the other officers of the <br />Agency are hereby authorized and directed, for and in the name and <br />on behalf of the Agency, to do any and all things and to take any <br />and all actions and execute and deliver certificates, agreements <br />and other documents (including, without limitation, the retention <br />of Orrick, Herrington & Sutcliffe as Bond Counsel, CGMS <br />Incorporated as financial advisor, execution and delivery of <br />agreements providing for the sale of the Mortgage Loans, the <br />Participation certificates and the Lender Note, execution and <br />delivery of defeasance instructions or defeasance escrow agreements <br />relating to the Bonds and/or redemption instructions, execution and <br /> <br />1 <br />