HomeMy WebLinkAbout1983-09-27; City Council; Resolution 73551
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RESOLUTION NO. 7355
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA CONFIRMING THE SALE OF ITS SINGLE FAMILY RESIDENTIAL MORTGAGE REVENUE BONDS ISSUE OF 1983, AND APPROVING CERTAIN DOCUMENTS
AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION
THEREWITH.
WHEREAS, by its Resolution No. 7259, this City Council
has heretofore approved the authorization, sale and issuance of
its Single Family Residential Mortgage Revenue Bonds, Issue of
1983 (the "Bonds"), all as provided for in said Resolution; and
WHEREAS, in accordance with said Resolution, the Bonds
have been sold, and the City Council wishes to ratify and
confirm said sale and to take certain other actions in
connection therewith;
NOW, THEREFORE BE IT RESOLVED, that this City Council
does hereby find, determine, resolve, and order as follows:
1. The Bonds shall be issued in a principal amount of
$20,000,000, shall bear interest at the rate of ten percent (10%)
per annum, and shall mature on September 1, 2017. The sale of
the Bonds to Blyth Eastman Paine Webber Incorporated at a
purchase price of $19,437,800 (which is 97.189% of the principal
amount thereof) plus accrued interest thereon, all as provided
for in the Purchase Contract dated September 14, 1983, is hereby
ratified and confirmed.
2. Pursuant to the Rules and Regulations Establishing
Eligibility Criteria for Mortgagors, and based upon a study
presented to the City by Empire Economics, Inc., the City hereby
establishes $27,943 as the Median Household Income for the
program. Said Median Household Income may be adjusted from time
to time by the City.
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3. The proposed forms of Developer Agreement, Mortgage
Sale and Service Agreement and Indenture presented at this
meeting are hereby approved in the place of the respective forms
of each of said documents approved by Resolution No. 7259; and
the Mayor and City Clerk are hereby authorized and directed, for
and in the name of the City, to execute such documents as
provided for in Resolution No. 7259 in substantially the form
hereby approved, with such changes therein as said officers may
approve, such approval to be conclusively evidenced by the
execution and delivery thereof.
4. The form of Official Statement presented at this
meeting is hereby approved; and the Mayor is hereby authorized
and directed, for and in the name of the City, to execute and
deliver the same to Blyth Eastman Paine Webber Incorporated in
substantially the form hereby approved, with such changes therein
as she may approve, such approval to be conclusively evidenced by
the execution and delivery thereof.
ad' urned PASSED, APPROVED AND ADOPTED at a/regEP ar meeting of
the City Council of the City of Carlsbad, California, held on the
27th day of September , 1983, by the following vote, to
wit:
AYES :
NOES: None
Council &W" Casler, Imis , Kulchin and Presoott
Council Maher chick ABSENT: ,# J. (!?LWt!w
MARY H. PSLER, Mayor
ATTEST: Wu/Rd- ALETHA L. RAUTENKRANZ, City