Res80 RD-80-01 - Laserfiche WebLink

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2. Within three years from the date of adoption of this resolution, the Agency will issue, at one time or from time to time, pursuant to any applicable law now or hereafter enacted, notes, bonds, or other securities or certificates of indebtedness in an aggregate principal amount not to exceed F~fty~Miilioh~iDOllars ($50,000,000) to provide financing for the construction and rehabilitation (including refinancing) of single-family housing within the City. 3. The foregoing obligations may be issued as part of one or more housing finance programs of the City under one or more resolutions or indentures. Such notes, bonds, or other securities or certificates of indebtedness shall be issued subject to the conditions that (1) the Agency shall have first agreed to acceptable terms and conditions for such obligations (and for the sale and delivery thereof), and for the construction loans, mortgage loans, and other agreements to be entered into by the City with respect to any of the foregoing; (2) all requisite governmental approvals shall have first been obtained; and (3) the notes, bonds, or other securities or certificates of indebtedness shall be payable solely from revenues received with respect to construction loans, mortgage loans or other investments made with the proceeds of such obligations, and neither the full faith and credit of the Agency nor the City shall be pledged to the payment of the principal of or interest on any such obligations. 4. The City Manager, acting for and on behalf of the Agency, is hereby authorized and directed to cause to be prepared, any resolution, indenture, contract for origination and servicing of loans, official statement or other documents or agreements necessary or appropriate to effect such financing and to select or employ printers, mortgage lenders, investment bankers and other necessary experts in connection therewith. 5. This resolution shall take effect immediately. -2-