Res85 9802 - Laserfiche WebLink

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Section 3. Determination With Respect to Very Low Income Families. The City Council hereby finds that the providing of priority to Very Low Income Families as described above and in Section 52080 of the Act is feasible to the extent that thirty percent (30%) of those certain reserved units as set forth in the Act shall be reserved for occupancy on a priority basis by Very Low Income Families. Section 4. Financing and Regulatory Agreement. The proposed form of the Financing and Regulatory Agreement dated as of February 1, 1985 by and among the City, Trustee and Developer (the "Financing Agreement") presented at this meeting is hereby approved and the City Manager and City Clerk are hereby authori zed and di rected, for and in the name of the Ci ty to execute the Financing Agreement 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. Section 5. Official Statement. The draft of the Official Statement relating to the Bonds presented at this meeting is hereby approved in substantially the form presented with such changes thereto as may be approved by the Mayor, or his de signee, or the Ci ty Manager and the Mayor or City Manager is hereby authorized and directed, for an in the name and on behalf of the City, to execute the Official Statement, with such changes therein as the officers executing the same may approve, such approval to be conclusively evidenced by the execution of the Official Statement, and the distribution of such Official Statement in connection with the sale of the Bonds is hereby authorized. Section 6. Appointment of Trustee. The Bank of California, N.A. is hereby appointed the trustee on behalf of the City and tne owners of trre Bonds (the "Trustee"), with the duties and powers as are set forth in the Indenture. Section 7. Indenture. The proposed form of the Indenture presented at thi s meeti ng by and between the Ci ty and the Trustee is hereby approved and the City Manager and City Clerk are hereby authorized and directed, for and in the name and on behalf of the City, to execute, acknowledge and deliver to the Trustee the Indenture in substantially the form hereby approved, with such additions or changes as the officers executing the same may approve and which may be cons i stent wi th the Bond Purchase Agreement herei nafter referred to, such approval to be conclusively evidenced by the execution and delivery thereof. Section 8. Form of Bonds. The proposed form of the Bonds as set forth in the Indenture as presented to this meeting is hereby approved in substantially the form presented with such changes therein as the officer executing the same may approve, such approval to be conclusively evidenced by the execution of the Bonds, and the Mayor or the Ci ty Manager and the Ci ty C1 erk are hereby authori zed and di rected to execute by manua 1 or facs i mi 1 e signa ture, in the name and on beha 1 f of the Ci ty and under its seal, such Bonds in the aggregate pri nc i pa 1 amount set forth here i nabove and all in accordance with the terms and provisions of the Indenture. 3