HomeMy WebLinkAboutCity Council - 5633 RESOLUTION NO. 5633
A RESOLUTION OF THE CITY OF HUNTINGTON
BEACH AUTHORIZING THE EXECUTION OF AND
APPROVING AGREEMENTS IMPLEMENTING TRANSFER
OF DEVELOPER' S RESERVATION TO SUCCEEDING
PROGRAM LENDER
HOME MORTGAGE REVENUE BONDS, 1983 SERIES A
WHEREAS, Chapters 1-5 of Part 5 of Division 31 of the Health
and Safety Code of the State of California (herein called the "Act" )
authorizes cities and counties to issue revenue bonds for the
purpose of financing home mortgages authorized by the Act, and the
Act provides a complete, additional and alternative method for doing
the things authorized thereby;
WHEREAS, pursuant to the Act, the City has issued sold and
delivered t20, 000, 000 principal amount of Home Mortgage Revenue
Bonds, 1983 Series A (the "Bonds" ) for the purpose of providing
funds to purchase home mortgages (the "Home Mortgages" ) made to
provide permanent financing for residences (the "Homes" ) existing or
to be constructed within the City (the "Home Mortgage Financing
Program" ) ;
WHEREAS, to that end, the City on February 28, 1983, adopted a
resolution entitled "A Resolution of the City of Huntington Beach
Authorizing the Issuance of $20, 000, 0000 Principal Amount of the
City of Huntington Beach Home Mortgage Revenue Bonds, 1983 Series A,
Such Bonds to be Issued Pursuant to a Trust Indenture Dated as of
the Date of the Bonds, Authorizing the Sale of Such Bonds and
Authorizing the Execution of and Approving Implementing Agreements,
Documents and Actions" and, thereafter, entered into a trust
indenture, dated as of March 1, 1983, providing for the issuance and
security of the Bonds (the "Indenture" ) ;
1.
WHEREAS, the City has appointed Security Pacific National Bank
as Trustee under the Indenture and the Trustee is empowered
thereunder to purchase, with the proceeds of the Bonds, Home
Mortgages on behalf of the City from the Lender, subject, among
other things, to certain of the terms and conditions hereinafter set
forth;
WHEREAS, the City has heretofore entered into an agreement by
and between the City and Mansion Hill, a California general
partnership, the developer of one of the Projects to be financed in
the Home Mortgage Financing Program (the "Developer" ) entitled
"Commitment Contract (and Reservation of Funds) " (the "Commitment
Contract" ) , which has been approved and accepted by the Trustee and
International Mortgage Company, (referred to hereinafter as the
"Prior Lender" ) , for the purpose of setting forth, among other
things, the terms and conditions pursuant to which the Developer and
other things, the terms and conditions pursuant to which the
Developer and other sellers of Homes and the Prior Lender will
deliver Home Mortgages for purchase by the Trustee on behalf of the
City and the City will reserve proceeds of the Bonds (the
"Reservation" ) to provide funds for such purpose;
WHEREAS, International Mortgage Company, the Prior Lender, has
heretofore entered into a Home Mortgage Purchase Agreement, dated as
of March 1, 1983, with the City and the Trustee providing for the
purchase of Home Mortgages by the Trustee on behalf of the City, and
the City, the Trustee and the Prior Lender now desire to terminate
such Home Mortgage Purchase Agreement with respect to that portion
of the Developer ' s Reservation which has not, as of the date hereof,
been so used to purchase home Mortgages, as more particularly set
forth in the Addendum to the Home Mortgage purchase Agreement, dated
as of January 1, 1986, hereinafter referred to; and
2.
WHEREAS, the City, the Trustee and IMCO Realty Services, Inc. ,
as the successor in interest of Wells Fargo Mortgage Company, (the
"Lender" ) desire to enter into a home mortgage purchase agreement
and a servicing agreement relating to the origination and servicing
of home mortgages financed with the proceeds of other mortgage
revenue bonds issued in implementation of the Program and the City,
the Lender, and the Trustee desire to provide for the Purchase of
home mortgages with that portion of the Developer' s Reservation
which has not, as of the date hereof, been so used, all as
hereinafter and in the Commitment Contract set forth;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF HUNTINGTON BEACH, as follows:
1. The Home Mortgage Purchase Agreement and the Servicing
Agreement to be entered into by and among the City, the Trustee and
the Lender and the Addendum releasing the Prior Lender, all to be
substantially in the form thereof presented at this meeting, are
hereby approved and the City Administrator of the City is authorized
and directed to execute the foregoing on behalf of the City.
2 . The Home Mortgage Purchase Agreement and Service
Agreement, each dated March 1, 1983, between the City, International
Mortgage Company, the Prior Lender, and Security Pacific National
Bank are hereby terminated and cancelled and the City Administrator
is hereby directed to obtain appropriate instruments of cancellation
from the other parties thereto.
3 . This resolution shall take effect from and after its
adoption.
PASSED AND ADOPTED by the City Council of the City of
Huntington Beach at a regular meeting thereof held on the 3rd day
of. February 1986.
3.
i
Mayor
ATTEST: APPROVED AS TO FORM:
ALICIA M. WENTWORTH, CITY CLERK
Depu y ity Clerk ^�_?� City Attorney
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2
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REVIEWED AND APPROVED: I ITIATED AND APPROVED
pj
City Adm nistr or Dep Director,
Red elopment
( 17971)
4 .
Res. No. 5633
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss:
CITY OF HUNTINGTON BEACH )
I, ALICIA M. WENTWORTH, the duly elected, qualified City
Clerk of the City of Huntington Beach, and ex-officio Clerk of the
City Council of said City, do hereby certify that the whole number of
members of the City Council of the City of Huntington Beach is seven;
that the foregoing resolution was passed and adopted by the affirmative
vote of more than a majority of all the members of said City Council
at a regular meeting thereof held on the 3rd day
of February , 19 86 by the following vote:
AYES: Councilmen:
Kelly, MacAllister, Finley, Mandic, Green
NOES: Councilmen:
None
ABSENT: Councilmen:
Thomas
City Clerk and ex-officio Clerk
of the City. Council of the City
of Huntington Beach, California