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79-06 AUTHORIZING THE ISSUANCE OF $15,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS, 1979 SERIES A
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79-06 AUTHORIZING THE ISSUANCE OF $15,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS, 1979 SERIES A
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9/29/2016 9:37:39 AM
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9/29/2016 9:37:39 AM
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Resolution/Ordinance
Res Ord Num
79-06
Res Ord Title
AUTHORIZING THE ISSUANCE OF $15,000,000 SINGLE FAMILY MORTGAGE REVENUE BONDS, 1979 SERIES A
Approved Date
1/8/1979
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the efficient and economic operation of the mortgage loan pro�ram. <br /> The City Clerk is hereby authorized to affix to such document <br /> the corporate seal of the City. The Lending Institution shall <br /> undertake to accept and process applications for Mortgage Loans <br /> on a non-discriminatory, "first-come, first-served" basis. <br /> Section 8. The Purchase Contract is hereby approved <br /> in substantially the form attached hereto as Exhibit C, and the <br /> Mayor is hereby authorized to execute and deliver the Purchase <br /> Contract on behalf of the City with such changes and completions <br /> therein with respect to interest rates, redemption provisions <br /> and the sale price of the Bonds (subject to the limitation <br /> set forth in Section 3 hereof) as shall be approved by such person <br /> executing the document , his execution to constitute conclusive <br /> evidence of such approval, and the sale of the Bonds to the <br /> Representative pursuant to the Purchase Contract is hereby authorized. <br /> Section 9 . The Mayor is hereby authorized to prepare, <br /> execute and deliver an Official Statement for and on behalf of <br /> the City pursuant to the Purchase Contract. Notwithstanding the <br /> authority herein granted, the Mayor may in his absolute discretion <br /> determine not to execute and deliver any Purchase Contract even <br /> though the same shall comply with this ordinance and the Act , <br /> in which event the City shall have no obligation whatsoever with <br /> respect thereto. <br /> Section 10 . The interest rate on the Mortgage Loans <br /> shall be as specified and provided in the Sale and Service Agreement , <br /> it being understood that the difference between the interest rate <br /> on the Mortgage Loans and the interest rates on the Bonds represents <br /> the cost of insurance premiums , amortized costs of the expenses <br /> of issuing the Bonds , fees of servicing the Mortgage Loans , Trustee <br /> and Custodian fees, and amortized amounts to secure the payment <br /> of the Bonds; provided that the annual interest rate on any Mortgage <br /> Loan shall not be greater than 2� more than the highest interest <br /> rate stated on the face of any Bond issued pursuant to this <br /> ordinance. <br /> Section 11 . The moneys received by the Lending Institution <br /> (with certain exceptions specified in the Agreement) as servicer <br /> of the Mortgage Loans shall constitute funds of the City and <br /> shall be held for the City by the Lending Institution in the <br /> Receipts Account until transferring the moneys to the Custodian <br /> pursuant to the Agreement. The City hereby authorizes the Lending <br /> Institution to withdraw moneys from the Receipts Account to reimburse <br /> itself for certain restoration, insurance and liquidation expenses <br /> and advances made, all in accordance with Section 5 .0� of the <br /> Agreement. The Issuer hereby authorizes the City Manager to execute <br /> and deliver any further instruments or documents necessary to <br /> permit such withdrawals from the Receipts Account of the City <br /> maintained by the Lending Institution. <br /> -5- <br />
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