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Section 3. Determination With Respect to Very Low Income Families. The <br />City Council hereby finds that the providing of priority to Very Low Income <br />Families as described above and in Section 52080 of the Act is feasible to the <br />extent that thirty percent (30%) of those certain reserved units as set forth <br />in the Act shall be reserved for occupancy on a priority basis by Very Low <br />Income Families. <br /> <br /> Section 4. Financing and Regulatory Agreement. The proposed form of <br />the Financing and Regulatory Agreement dated as of February 1, 1985 by and <br />among the City, Trustee and Developer (the "Financing Agreement") presented at <br />this meeting is hereby approved and the City Manager and City Clerk are hereby <br />authorized and directed, for and in the name of the City to execute the <br />Financing Agreement in substantially the form hereby approved, with such <br />changes therein as the officers executing the same may approve, such approval <br />to be conclusively evidenced by the execution and delivery thereof. <br /> <br /> Section 5. Official Statement. The draft of the Official Statement <br />relating to the Bonds presented at this meeting is hereby approved in <br />substantially the form presented with such changes thereto as may be approved <br />by the Mayor, or his designee, or the City Manager and the Mayor or City <br />Manager is hereby authorized and directed, for an in the name and on behalf of <br />the City, to execute the Official Statement, with such changes therein as the <br />officers executing the same may approve, such approval to be conclusively <br />evidenced by the execution of the Official Statement, and the distribution of <br />such Official Statement in connection with the sale of the Bonds is hereby <br />authorized. <br /> <br /> Section 6. Appointment of Trustee. The Bank of California, N.A. is <br />hereby appointed the trustee on behalf of the City and the owners of the Bonds <br />(the "Trustee"), with the duties and powers as are set forth in the Indenture. <br /> <br /> Section 7. Indenture. The proposed form of the Indenture presented at <br />this meeting by and between the City and the Trustee is hereby approved and <br />the City Manager and C~ty Clerk are hereby authorized and directed, for and in <br />the name and on behalf of the City, to execute, acknowledge and deliver to the <br />Trustee the Indenture in substantially the form hereby approved, with such <br />additions or changes as the officers executing the same may approve and which <br />may be consistent with the Bond Purchase Agreement hereinafter referred to, <br />such approval to be conclusively evidenced by the execution and delivery <br />thereof. <br /> <br /> Section 8. Form of Bonds. The proposed form of the Bonds as set forth <br />in the Indenture as presented to this meeting is hereby approved in <br />substantially the form presented with such changes therein as the officer <br />executing the same may approve, such approval to be conclusively evidenced by <br />the execution of the Bonds, and the Mayor or the City Manager and the City <br />Clerk are hereby authorized and directed to execute by manual or facsimile <br />signature, in the name and on behalf of the City and under its seal, such <br />Bonds in the aggregate principal amount set forth hereinabove and all in <br />accordance with the terms and provisions of the Indenture. <br /> <br /> 3 <br /> <br /> <br />