Res85 10047 - Laserfiche WebLink

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exercise of derivative obligations and powers, which are not contrary to any of the agreements or other documents executed by any of the Authorized Officers, City Clerk, Deputy City Clerk or other City officers, including the approval of any changes, insertions or omissions to any of such other instruments, certificates and documents. Section 24. Pursuant to the Act, the provisions thereof, the provisions hereof, and the provisions of any mortgage, pledge, assignment, security interest, insurance or credit agreement, or indenture of trust securing the payment of the interest on, redemption premium, if any, and principal of the Bonds, shall constitute a contract with the holder or holders of Bonds and shall continue in effect until the principal of, the interest on, and the redemption premium, if any, on the Bonds have been fully paid or provision made therefor, and the duties of the City and its agencies and officers under Division 31, Part 5 (commencing with Section 52000), California Health and Safety Code and in particular the Act, a part thereof, and under this Bond Resolution and any such mortgage, pledge, assignment, security interest, insurance or credit agreement, or indenture of trust shall be enforceable as provided therein. Section 25. Wilson Morton Assaf & McElligott are hereby confirmed as the City's Bond Counsel for the Project and Bonds, and any of the Authorized Officers is authorized to execute on behalf of the City an agreement with said Bond Counsel substantially in the form submitted to the City. Any of the Authorized Officers is also authorized to consent to the entry by the Trustee into an Investment Agreement substantially in the form submitted to the City with Atlantic Capital Corporation. Section 26. It is not economically feasible that half of the units reserved for occupancy by Lower-Income Tenants be further reserved for occupancy on a priority basis by individuals and families whose adjusted gross income does not exceed 50 percent of the median adjusted gross income for the area, as adjusted gross income may, from time to time, be determined pursuant to Section 8 of the United States Housing Act of 1937. Section 27. It is hereby found and declared that this Bond Resolution is in furtherance of the public purpose of and is adopted pursuant to the powers granted by Division 31, Part 5 (commencing with Section 52000), California Health and Safety Code and in particular the Act, a part thereof, and the Bonds shall contain a recital that they are issued pursuant thereto. Section 28. Notwithstanding anything herein or in any of the agreements or other documents authorized hereby to the contrary, the City shall incur no liability by reason hereof or by reason of the execution of any of such agreements or documents, pending the issuance and delivery of Bonds, and in the event for MFH0072.RWC/7 -9- 10/23/85