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AHA-1980-010RESOLUTION NO. AHA80 -10 A RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY AUTHORIZING THE ISSUANCE OF $40,000,000 PRINCIPAL AMOUNT OF THE RESIDENTIAL REHABILI- TATION MORTGAGE REVENUE BONDS OF THE ANAHEIM HOUSING AUTHORITY FOR THE PURPOSE OF MAKING AND PURCHASING MORTGAGE LOANS TO PROVIDE FOR RESIDENTIAL REHABILITATION. WHEREAS, the Anaheim dousing Authority ( "Authority ") 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 Authority that the Anaheim Housing Authority authorize the issuance of said bonds. NOW, THEREFORE, BE IT RESOLVED by the Anaheim Housing Authority that it is hereby determined and ocdered as Follows: 1. The Anaheia Housing Authority constitutes a public body, corporate a1 politic_, created pursuant to Section 34240 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 Authority is legally authorized to issue ''oo(ids and to use the proceeds thereof to make and purchase mortgages to provide for resi- dential rehabilitation. 3. This body constitutes the governing body of the Authority and is legally authorized to provide for issuance of bonds by the Authority. 4. Residential Rehabilitation Mortga�3e Revenue Bonds of the Anaheim Housing Authority (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 Authority for the payment of issuance costs with respect to the Bonds and for the establishaent 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 Authority from or related to the residen- tial rehabilitation financing program, including, without limiting the generality of the foregoing, scheduled amortization payments of so principal of and interest on mortgage loans, prepayments, the pro - ceeds of sale of mortgage leans, 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 Authority and, subject to the right of the Authority to apply moneys as provided, are hereby secured by an irrevocable pledge of the mortgage loans and revenues, and funds and accounts to be Meld by the trustee and are payable as to principal, redemption price, if any, and interest from the revenues of the Authority as herein de- scribed. The Bonds are not a debt of the Anaheim Housing Authority, the State of California or any of its political subdivisions, and neither the Authority, the State, nor any of its political subdivi- sions is liable thereon, 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 Resolu- tion 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 Authority nor any persons executing the Bonds shall be liable personally on the 3:ands or sub- ject to any personal liability or accountability by reason of the issuance thereof. 7. The aforesaid principal amount of $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 Authority is hereby authorized and directed to provide for the sale of the Bonds, and the Authority shall take such steps as shall be appropriate to im- plement 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 Housing Authority in this State. THE FOREGOING RESOLUTION is approved and adopted by the Anaheim Housing Authority this 1st day of July, 1980. ANAHEIM HOUSING AUTHORITY ATTEST: SE RE ` AR ANAHEIM HOUSING AUTHORITY MES : fm -2- STATE OF CALIFORNIA ) COUNTY OF ORANGE ) CITY OF ANAHEIM ) I, LINDA D. ROBERTS, Secretary of the Anaheim Housing Authority, do hereby certify that the foregoing Resolution No. AHA80 -10 was passed and adopted at a regular meeting of the Anaheim Housing Authority held on the 1st day of July, 1980, by the following vote of the members thereof: AYES: AUTHORITY MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour NOES: AUTHORITY MEMBERS: None ABSENT: AUTHORITY MEMBERS: None AND I FURTHER CERTIFY that the Chairman of the Anaheim Housing Authority 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. SECRETARV OF THE ANAHE HOUSING AUTHORITY (SEAL)