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HomeMy WebLinkAbout1984-07-17; City Council; 7820 Exhibit 14; OFFICIAL REQUEST TO STATE OF CALIFORNIA FOR MORTGAGE REVENUE BOND ALLOCATION Exhibit 14, pi6 ''?%Zf * izwd3Y-r +-I &- RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD APPROVING CERTAIN DOCUMENTS AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION WITH THE AUTHORIZATION, SALE AND ISSUANCE OF ITS SINGLE FAMILY RESIDENTIAL MORTGAGE REVENUE BONDS, ISSUE OF 1983 WHEREAS, there is a shortage in the City of Carlsbad (the "City") of decent, safe and sanitary housing which is affordable by persons in the lower end of the purchasing spectrum and a consequent need to encourage the construction of homes affordable by such persons and otherwise to increase the housing supply in the City for such persons; and WHEREAS, the City has determined to engage in a home mortgage finance program (the "Program") pursuant to Part 5 of Division 31 of the Health and Safety Code of the State of California (the "Act") for persons and families within the income limits established by the Act, and wishes to issue revenue bonds pursuant to the Act to provide funds for the Program; and WHEREAS, the City Council finds and determines that the Program complies with the Land Use Element and the Housing Element of the City's General Plan; and WHEREAS, all acts, conditions and things required by the Act, and by all other laws of the State of California, to exist, to have happened and to have been performed precedent to and in connection with the issuance of the aforesaid revenue bonds exist, have happened, and have been performed in regular and due time, form and manner as required by law, except only that the California Mortgage Bond Allocation Committee (the "Committee") has not yet approved an allocation of mortgage revenue bonds for the City, and, upon the Committee's approval of such an allocation, the City will be duly authorized and empowered, pursuant to each and every requirement of law, to issue such revenue bonds for the purpose, in the manner and upon the terms herein provided; and WHEREAS, said revenue bonds are to be issued hereunder in an aggregate principal amount not to exceed $21,000,000 for the purpose, among others, of providing moneys to purchase loans pursuant to the Program, and are to be designated as the "City of Carlsbad, California, Single Family Residential Mortgage Revenue Bonds, Issue of 1983" (the "Bonds"); I NOW, THEREFORE BE IT RESOLVED this City Council does hereby FIND, DETERMINE, RESOLVE, AND ORDER as follows: 1. The above recitals, and each of them, are true and corrc 2. The Rules and Regulations Establishing Eligibility Critc for Mortgagors and the Rules and Regulations Establishing Eligil Criteria for Lending Institutions, each in the form presented at this meeting, are hereby approved and adopted for the Program ar for mortgage loans purchased pursuant thereto. 3.. Pursuant to the Rules and Regulations Establishing Eligibility Criteria for Mortgagors and based upon a study pres6 to the City by Empire Economics Inc., the City hereby establish6 $26,612 as the Median Household Income for the Program. Said ME Household Income may be adjusted from time to time by the City. 4. Based upon a study prepared for the City by Empire Econc Inc., the average area purchase price in the San Diego Standard Metropolitan Statistical Area is determined to be $125,378.00 fc single family residences of which the purchaser will be the firs occupant and $109,866.00 for other single family residences. 5. There are no qualified census tracts (within the meanin? that phrase set forth in Section 103A of the Internal Revenue Cc of 1954, as amended) located within the City. 6. The Director of Building and Planning, or such other per as the City Council may from time to time designate, is hereby designated to administer the Program, to be assisted by the firrr designated in Section 9 hereof. 7. The proposed form of developer agreement presented at tl- meeting (the "Developer Agreement") is hereby approved; and the Mayor and City Clerk are hereby authorized and directed, for and the name of the City, to execute such agreements with the develo selected or to be selected by the Director of Building and Plann on the basis of the extent to which their respective development will implement the goals and objectives of the Program. Said agreements shall be executed in substantially the form hereby approved, with such changes therein as the officers executing th same may approve, such approval to be conclusively evidenced by execution and delivery thereof. 8. The proposed form of mortgage sale and service agreement presented at this meeting (the "Mortgage Sale and Service Agreement") is hereby approved; and the Mayor and City Clerk are hereby authorized and directed, for and in the name of the City, execute such agreement with Wells Fargo Mortgage Company, which -2- hereby designated as the Lending Institution for the purposes thereof. Said agreement shall be executed in substantially the hereby approved, with such changes therein as the officers exec the same may approve, such approval to be conclusively evidence the execution and delivery thereof. 9. Investors Mortgage Financial Services Inc. is hereby appointed as the Administrator under the Mortgage Sale and Serv Agreement; and Investors Mortgage Insurance Company shall suppl: private mortgage insurance for the Program. 10. The proposed form of Indenture presented at this meetinc (the "Indenture") is hereby approved, and the Mayor and City Clt are hereby authorized and directed for and in the name and on bt of the City to execute, acknowledge and deliver to the trustee hereinafter mentioned an indenture in said form with such addit. thereto and/or changes therein as the officers executing the sal may approve, such approval to be conclusively evidenced by the execution and delivery thereof. 11. The form of the Bonds and the various provisions relatii thereto set forth in the Indenture (as the Indenture may be modj pursuant to the preceding section hereof) are hereby approved; i upon the sale thereof as hereinafter authorized the Mayor and tl: City Clerk are hereby authorized and directed to execute, in the name and behalf of the City and under its seal, such Bonds in tl. aggregate principal amount set forth hereinbelow in accordance P the Indenture. 12. Security Pacific National Bank, Los Angeles, Californi: hereby appointed as Trustee for the City and the owners of the Bonds, with the duties and powers of such trustee as set forth : the Indenture. 13. The form of preliminary official statement presented at this meeting hereby is approved, subject to any modifications thereof determined necessary by the Director of Building and Planning in order to make such preliminary official statement mc accurate and complete; and the distribution thereof by the underwriters hereinafter named is hereby authorized. 14. The form of bond purchase contract between the City anc Blyth Eastman Paine Webber Incorporated and the other underwrite represented thereby (collectively, the "Underwriters") presentec this meeting is hereby approved; and the Mayor is hereby authori and directed, for and in the name of the City, to accept the off of the Underwriters to purchase the Bonds contained therein (whc such offer is made) and to execute and deliver the bond purchase contract provided that: (i) the Committee has approved an alloca of mortgage revenue bonds for the City, (ii) the principal amoun -3- Bonds to be sold to the Underwriters does not exceed the lesser $21,000,000 or the amount of the approved allocation, and (iii) terms upon which the Bonds are sold will provide funds for the purchase of mortgage loans the interest rates, terms, and other provisions of which will conform in all respects to the provisi of the Developer Agreements and the Mortgage Sale and Service Agreement. 15. The Director of Building and Planning is hereby author and directed to execute one or more requisitions authorizing Security Pacific National Bank, as Trustee under the aforesaid Indenture, to pay the costs of issuing the Bonds from the progr fund established under and pursuant to the Indenture. 16. The officers of the City are hereby authorized and directed, jointly and severally, to do any and all things to ex and deliver any and all documents (including, but not limited t final official statement relating to the Bonds) which they may ' necessary or advisable in order to consummate the issuance, sal delivery of the Bonds, and otherwise to effectuate the purposes this Resolution; and such actions previously taken by such offi are hereby ratified and confirmed. APPROVED AND ADOPTED this day of , 1983. Mayor of the City of Carlsbad ATTEST : ALETHA L. RAUTENKRANZ City Clerk, City of Carlsbad -4- STATE OF CALIFORNIA 1 COUNTY OF SAN DIEGO 1 ) ss. I, ALETHA L. RAUTENKRANZ. City Clerk of the City of Carlsba HEREBY CERTIFY that the foregoing Resolution was duly adopted a regular meeting of said City Council held on the day of , 1983, by the following roll call vote: AYES : COUNCILMEMBERS NOES : COUNCILMEMBERS ABSENT : COUNCILMEMBERS City Clerk of the City of Carlsbad ( SEAL ) -5- r STATE OF CALIFORNIA 1 ) ss. 1 COUNTY OF SAN DIEGO I, ALETHA L. RAUTENKRANZ, City Clerk of the City of Carlsbad HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of RESOLUTION NO. , of the City Council of th City of Carlsbad, and that the same has not been amended or repe DATED : , 1983. City Clerk of the City of Carlsbad ( SEAL ) -6-