80R-293 RESOLUTION NO. 80R -293
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF ANAHEIM AUTHORIZING THE ISSUANCE OF
$40,000,000 PRINCIPAL AMOUNT OF THE RESIDENTIAL
REHABILITATION MORTGAGE REVENUE BONDS OF THE
CITY OF ANAHEIM FOR THE PURPOSE OF MAKING AND
PURCHASING MORTGAGE LOANS TO PROVIDE FOR
RESIDENTIAL REHABILITATION.
WHEREAS, the City of Anaheim 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 City that
the City Council of the City of Anaheim authorize the issuance of
said bonds.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Anaheim that it is hereby determined and ordered as follows:
1. The City of Anaheim (hereinafter referred to as the "City ")
constitutes a municipal corporation organized pursuant to a free-
holders charter and the laws 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 City is legally authorized to issue bonds and to use the proceeds
thereof to make and purchase mortgages to provide for residential
rehabilitation.
3. This body constitutes the governing body of the City and
is legally authorized to provide for issuance of bonds by the City.
4. Residential Rehabilitation Mortgage Revenue Bonds of the
City of Anaheim (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 resi-
dential rehabilitation within the jurisdiction of the City, for the
payment of issuance costs with respect to the Bonds and for the es-
tablishment of a mortgage reserve fund and a debt service 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 City from or related to the residential
rehabilitation financing program, including, without limiting the
generality of the foregoing, scheduled amortization payments of
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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 City
and, subject to the right of the City 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 interest from
the revenues of the City as herein described. The Bonds are not a
debt of the City of Anaheim, the State of California or any of its
political subdivisions, and neither the City, the State, nor any of
its political subdivisions 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 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 City
Council nor any persons executing the Bonds shall be liable personally
on the Bonds or subject 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 Mayor or other officer of the City is hereby authorized
and directed to provide for the sale of the Bonds, and the City 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 mortgage
revenue bonds by a city in this State.
THE FOREGOING RESOLUTION is approved and adopted by the
City Council of the City of Anaheim this 1st day of July, 1980.
, ....` 9
, OF T' 7'C / Y OF ANAHEIM
ATTEST:
CIT CLERK OF TH CITY OF ANAHEIM
WPH:fm -2-
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF ANAHEIM )
I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that
the foregoing Resolution No. 80R -293 was introduced and adopted at a regular
meeting provided by law, of the City Council of the City of Anaheim held on
the 1st day of July, 1980, by the following vote of the members thereof:
AYES: COUNCIL MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour
NOES: COUNCIL MEMBERS: None
ABSENT: COUNCIL MEMBERS: None
AND I FURTHER CERTIFY that the Mayor of'the City of Anaheim signed said
Resolution No. 80R -293 on the 1st day of July, 1980.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of the
City of Anaheim this 1st day of July, 1980.
CITY C ERK OF THE CITY OF ANAHEIM
(SEAL)
I, LINDA D. ROBERTS, City Clerk of the City of Anaheim, do hereby certify that
the foregoing is the original of Resolution No. 80R -293 duly passed and adopted
by the Anaheim City Council on July 1, 1980.
CITY CLERK