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ARA1980-021RESOLUTION NO. ARA 80 -21 A RESOLUTION OF THE .ANAHEIM REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF $40,000,000 PRINCIPAL AMOUNT OF THE RESIDENTIAL :REHABILI- TATION MORTGAGE REVENUE BONDS OF THE ANAHEIM REDEVELOPMENT AGENCY FOR THE PURPOSE OF MAKING AND PURCHASING MORTGAGE LOANS TO PROVIDE FOR RESIDENTIAL REHABILITATION. WHEREAS, the Anaheim Redevelopment Agency ( "Agency ") has heretofore formulated a proposal to issue bonds for the purpose of making and purchasing mortgage loans to provide for residential rehabilitation; and WHEREAS, it is in the public interest, for the public benefit and furtherance of the public purposes of this Agency that the Anaheim Redevelopment Agency authorize the issuance of said 'ponds. NOW, THEREFORE, BE IT RESOLVED by the Anaheim Redevelopment Agency that it is 'Hereby determined and ordered as follows: 1. The Anaheim Redevelopment Agency constitutes a public body, corporate and politic, created pursuant to Section 33100 of the Health and Safety Code of the State of California. 2. Pursuant to Part 13, commencing with Section 37910, of Division 24 of the Health and Safety Code of the State of California, the Agency is legally authorized to issue bonds and to use the pro- ceeds thereof to make and purchase mortgages to provide for residen- tial rehabilitation. 3. This body constitutes the governing body of the Agency and is legally authorized to provide for issuance of bonds by the Agency. 4. Residential Rehabilitation Mortgage Revenue Bonds of the Anaheim Redevelopment Agency (hereinafter referred to as the "Bonds ") are hereby authorized to be issued in the principal amount of $40,000,000 for the purpose of making and purchasing mortgages to be used for residential rehabilitation within the jurisdiction of the Agency for the payment of issuance cos ty with respect to the Bonds and for the establishment of a mortgage reserve fund and a debt ser- vice reserve fund to provide for the further security of the Bonds. 5. The Bonds shall be payable from the following described revenues: all payments, proceeds, charges, rents and all interest and other income derived in cash by the trustee or a servicer by or for the account of the Agency from or rel;-ited to the residential _rehabilitation financing progratl, including, without limiting the generality of the foregoing, scheduled amortization payments of -1- principal of and interest on mortgage loans, prepayments, the pro- ceeds of sale of mortgage loans, the proceeds of sale of residences on foreclosure of or other recovery proceedings with respect to defaulted mortgage loans (net of amounts required to be paid to mortgagors or other owners of residences), the proceeds of hazard insurance and special hazard insurance (net of amounts required to be applied to the restoration of residences) and interest earned or income derived from the investment or deposit of moneys held by the trustee, including mortgage insurance proceeds. 6. The Bonds shall be and are special obligations of the Agency and, subject to the right of the Agency to apply moneys as provided, are hereby secured by an irrevocable pledge of the mortgage loans and revenues, and funds and accounts to be held by the trustee and are payable as to principal, redemption price, if any, and inter- est from the revenues of the Agency as herein described. The Bonds are not a debt of the Anaheim Redevelopment Agency, the State of California nor any of its political subdivisions, and neither the Agency, the State, nor any of its political subdivisions is liable t?iereon, nor in any event shall the Bonds be payable out of any funds or properties other than all or any part of the revenues, mortgage loans, and funds and accounts as in this Resolution set forth. The Bonds do not constitute an indebtedness within the meaning of any constitutional or statutory debt limitation or restriction. Neither the members of the Agency noc any persons executing the Bonds shall be liable personally on t %a Bonds or subject to any personal liabil- ity or accountability by reason of the issuance thereof. 7. The aforesaid principal amount of 8?40,000,000 of the Bonds constitutes the aggregate face amount of obligations to be issued pursuant to the issue of Bonds at this time for the making and pur- chasing of mortgages used for residential rehabilitation. 8. The Chairman or other officer of the Agency is hereby authorized and directed to provide [or the sale of the Bonds, and the Agency shall take such steps as shall be appropriate to implement such sale and the delivery of the Bonds. 9. This Resolution constitutes a proper exercise of the powers of this body and conforms to State and local legal require- ments relating to the issuance of residential rehabilitation mort- gage revenue bonds by a Redevelopment Agency in this State. THE FOREGOING RESOLUTION is approved and adopted by the ynaheim Redevelopment Agency this lst day_ of July, 1980. ' CIIA I PMAN ANAHEIM REDEV ,LOPMENT AGENCY ATTEST: SECRETARY ANAHEIM REDEVELOPMENT AGENCY WpH:MES:fm -2- STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF ANAHEIM ) I, LINDA D. ROBERTS, Secretary of the Anaheim Redevelopment Agency, do hereby certify that the foregoing Resolution No. ARA80 -21 was passed and adopted at a regular meeting of the Anaheim Redevelopment Agency held on the 1st day of July, 1980, by the following vote of the members thereof: AYES: AGENCY MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour NOES: AGENCY MEMBERS: None ABSENT: AGENCY MEMBERS: None AND I FURTHER CERTIFY that the Chairman of the Anaheim Redevelopment Agency signed said Resolution on the 1st day of July, 1980. IN WITNESS WHEREOF, I have hereunto set my hand and seal this 1st day of July, 1980. SECRET Y OF THE ANAHEIM EDEVELOPMENT AGENCY (SEAL)