AHA-1998-002RESOLUTION NO. AHA98-2
RESOLUTION OF THE ANAHEIM HOUSING AUTHORITY AUTHORIZING TI-IE
EXECUTION AND DELIVERY OF A FIRST SUPPLEMENTAL INDENTURE OF
TRUST, A FIRST AMENDMENT TO LOAN AGREEMENT, A FIRST AMENDMENT
TO AMENDED AND RESTATED REGULATORY AGREEMENT AND DECLARATION
OF RESTRICTIVE COVENANTS AND APPROVING OTHER RELATED ACTIONS IN
CONNECTION WITH SUBSTITUTION OF CREDIT SUPPORT FOR THE
AUq~ORITY'S $8,485,000 VARIABLE RATE DEMAND MULTIFAMILY HOUSING
REFUNDING REVENUE BONDS (HERITAGE VILLAGE APARTMENTS), 1992
SERIES A.
WHEREAS, the Anaheim Housing Authority (the "Authority") has previously issued its
$8,485,000 Variable Rate Demand Multifamily Housing Refunding Revenue Bonds (Heritage Village
Apartments), 1992 Series A (the "Bonds") to provide financing for a multifamily residential rental
project known as "Heritage Village Apartments" (the "Project") owned by Calmark Heritage Park 1/
Limited Partnership (formerly Shearson/Calmark Heritage Park 1I, Ltd.), a California limited
partnership (the "Developer"), pursuant to the provisions of an Indenture of Trust dated as of
November 1, 1992 (the "Indenture") between the Authority and Security Pacific National Trust
Company (New York), the predecessor trustee under the Indenture to First Trust of New York, N.A.,
as Trustee (the "Trustee"), a Loan Agreement dated as of November 1, 1992 (the "Loan Agreement")
among the Authority, the Trustee and the Developer, and an Amended and Restated Regulatory
Agreement and Declaration of Restrictive Covenants dated as of November 1, 1992 (the "Regulatory
Agreement") among the Authority, the Trustee and the Developer; and
WHEREAS, the Developer desires to release the current standby letter of credit providing
credit support for the Bonds, extend the term of the existing letter of credit provided by Wells Fargo
Bank, N.A. (the "Credit Bank") and have the Bonds secured solely by the existing letter of credit,
which action will cause a reduction in the current long-term rating on the Bonds by Moody's Investors
Service from Aa2 to Aa3 and a mandatory tender of the Bonds as provided by the Indenture; and
WHEREAS, in connection with the foregoing, the Developer and the Credit Bank have
requested that certain amendments be made to the Indenture and the Loan Agreement which will cause
the Bonds to be reissued for federal income tax purposes;
WHEREAS, the Regulatory Agreement is being amended to clarify an ambiguous provision;
NOW, THEREFORE, THE ANAHEIM HOUSING AUTHORITY DOES HEREBY
RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
1. The above recitals, and each of them, are true and correct.
2. The proposed forms of the First Supplemental Indenture of Trust, the First Amendment
to Loan Agreement and the First Amendment to Regulatory Agreement and Declaration of Restrictive
Covenants presented at this meeting are hereby approved. The Executive Director and the Secretary of
the Authority are hereby authorized and directed, for m~d in the name of the Authority, to execute and