Res87 10551 - Laserfiche WebLink

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WHEREAS, the Bonds are proposed to be issued pursuant to and secured by an Indenture of Trust (the "Indenture") by and between the City and the Trustee, in its capacity as trustee for the Bonds: WHEREAS, in order to assure continuing compliance with the financing arrangements the City, Trustee. Lender and Developer propose to enter into a Financing and Development Agreement (the "Development Agreement"); WHEREAS, in order to assure continuing compliance with the Code, the Act. and certain special requirements of the City relating to the Project the City, the Trustee and the Developer propose to enter into an Amendment to the Financing and Regulatory Agreement (the "Regulatory Agreement Amendment"): WHEREAS, the City has heretofore recommended Capital Markets Corporation and Boettcher & Company, Inc. to act as underwriters (the "Underwriters"), and the Underwriters have caused to be prepared and presented to this meeting a form of Bond Purchase Agreement (the "Purchase Agreement") for the consideration of the Council; WHEREAS, the City has now determined to issue the Bond and to enter into the Indenture to secure the Bonds by a pledge and assignment of the Development Agreement. the Regulatory Agreement Amendment, and various other funds and property more particularly described in the Indenture (the "Trust Estate"); 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, and the City is now 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; NOW, THEREFORE, it is hereby ordered as follows: Section 1. Recitals. The above recitals, and each of them, are true and correct. Section 2. Issuance of Bonds. For the purpose of raising money with which to refund the Prior Bonds, the City hereby determines to issue $4,615,000 City of Redwood City Multifamily Housing Revenue Refunding Bonds, Series A 1987 (GNMA Collateralized- Redwood Plaza Project) and not to exceed $300.000 City of Redwood City Multifamily Housing Revenue Refunding Bonds, Series B 1987 (Redwood Plaza Project) which are hereby authorized to be issued pursuant to the Indenture described in Section 7 (collectively, the "Bonds"). Section 3. Amendment to the Financin and Re ulator A reement. The proposed form of the Regulatory Agreement Amendment dated as of July 1, 1987 by and among the City, Trustee and Developer presented at this meeting is hereby approved and the City Manager and City Clerk are hereby authorized and directed, for and in the name of the City to execute the Regulatory Agreement Amendment in substantially the form hereby approved, with such changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by the execution and delivery thereof. -2-