1981-05 r"
RESOLUTION NO. CRA 81-05
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND TERRACE APPROV-
ING MORTGAGE LOAN PURCHASE AGREEMENT,
SELLERS ' GUIDE, SERVICING AGREEMENT, SER-
VICERS' GUIDE AND OFFICIAL STATEMENT FOR THE
RESIDENTIAL MORTGAGE FINANCING PROGRAM OF
THE AGENCY
WHEREAS, the Community Redevelopment Agency of the City of
Grand Terrace (the "Agency" ) has determined to provide for the
issuance of residential mortgage revenue bonds for the purpose
of purchasing mortgage loans to provide financing for
residential construction within the Grand Terrace Community
Redevelopment' Project Area in order to encourage investment
within and to upgrade such area; and .
WHEREAS, to implement this program the Agency has prepared
certain agreements and guides, and has authorized the
underwriter for such bonds to prepare and circulate an official
statement containing information material to the offering and
sale of bonds of the Agency,
NOW, THEREFORE, the Community Redevelopment Agency of the
City of Grand Terrace DOES HEREBY RESOLVE as follows:
SECTION 1 . The Mortgage Loan Purchase Agreement among the
Agency, Crocker National Bank and Security Pacific National
Bank, substantially in the form of Exhibit "A" attached hereto
and incorporated herein, is hereby approved.
SECTION 2. The Sellers ' Guide, substantially in the . form
of Exhibit "B" attached hereto and incorporated herein, is
hereby approved.
SECTION 3. The Servicing Agreement among the Agency,
Crocker National Bank and Security Pacific National Bank,
substantially in the form of Exhibit "C" attached hereto and
incorporated herein, is hereby approved.
SECTION 4., The Servicers ' Guide, substantially in the form
of Exhibit "D" attached hereto and incorporated herein, is
hereby approved.
,d �
SECTION 5. The Official Statement prepared by the
Underwriter in conjunction with Agency Staff, reviewed by
Staff, is- hereby approved as the Official Statement in
connection with the Agency 's Residential Mortgage Revenue
Bonds , Issue of 1981 .
SECTION 6. The Chairman and Secretary are hereby
authorized and directed to execute and attest, respectively to
the above agreements and shall make such additions., deletions,
or modifications as are necessary to ensure the prompt delivery
of the Mortgage Loans.
PASSED, APPROVED and ADOPTED this 26th day of February,
1981 .
Chairman
ATTEST:
l
Se �ryary
-2-
STATE OF CALIFORNIA ) _
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE ) _
I , MYRNA LINDAHL, Secretary of the City of Grand Terrace
Community Redevelopment Agency, DO HEREBY CERTIFY that the foregoing
Resolution was duly adopted by the Community Redevelopment Agency
of--said City at a regular- meeting of the Community Redevelopment
Agency held on the 26th. day of February 19 81 and that
it was so adopted by the following vote:
AYES: Members Grant, Petta, Nix, Rigley;
Chairman Tillinghast.
NOES: None
ABSENT: None
Secr ry of the 4- unity
Redevelopment Agency of the
City of Grand Terrace
(SEAL)
STATE OF CALIFORNIA )
COUNTY OF SAN BERNARDINO ) ss.
CITY OF GRAND TERRACE )
I, MYRNA LINDAHL, Secretary of the City of Grand Terrace
Community Redevelopment Agency, DO HEREBY CERTIFY that the above and
foregoing is a full , true and correct copy .of Resolution No. CRA-81-05
of said Agency, and that the same has not been amended or repealed.
DATED: February 26, 1981
Secreary of the Community
Redevelopment Agency of the
City of Grand Terrace
(SEAL)