HomeMy WebLinkAboutCC RESO 15,632RESOLUTION NO. 15632
RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NATIONAL CITY, CALIFORNIA AUTHORIZING AND
APPROVING THE ISSUANCE OF NOTES IN THE
PRINCIPAL AMOUNT OF $700,000 (HUD SECTION 108
LOAN).
WHEREAS, the City Council of the City of National City,
California, by adoption of Resolution No. 15,242 on March 17, 1987,
authorized and approved an application to the U.S. Department of Housing
and Urban Development (HUD) for a loan of $700,000 pursuant to the HUD
Section 108 Loan Guarantee Program and HUD funded the loan on September
22, 1987; and
WHEREAS, said loan was financed on a short term basis by Citi
Bank, New York, New York and HUD now wishes to offer the $700,000 of
notes publicly on July 7, 1988 and has provided the necessary documents
therefor by letter dated June 3, 1988; and
WHEREAS, the City Council wishes to authorize and approve such
public sale of notes;
NOW, THEREFOR, BE IT RESOLVED by the City Council of the
City of National City, California that the following are hereby approved:
(1) Series 1988-A Fiscal Agency Agreement.
(2) Master Fiscal Agency Agreement among the Borrowers and
Bankers Trust Company as Fiscal Agent.
(3) Notes, each numbered B-86-MC-06-0560:
Maturity Date Principal Amount
August 1, 1989 $115,000
August 1, 1990 115,000
August 1, 1991 115,000
August 1, 1992 115,000
August 1, 1993 120,000
August 1, 1994 120,000
TOTAL $700,000
BE IT FURTHER RESOLVED, that the Mayor of the City is
authorized, on behalf of the City, to execute the Series 1988-A Fiscal
Agency Agreement and the Mayor is authorized, on behalf of the City, to
execute the notes, each numbered B-86-MC-06-0560, and each with maturity
dates and principal amounts as follows:
Maturity Date Principal Amount
August 1, 1989
August 1, 1990
August 1, 1991
August 1, 1992
August 1, 1993
August 1, 1994
TOTAL
$115,000
115,000
115,000
115,000
120,000
120,000
$700,000
PASSED AND ADOPTED this 14th day of June, 1988.
ate,
eorge H. Waters, Mayor
ATTEST:
Ion!M. Campbell, CityClerk
APPROVED AS TO FORM:
George H. Eiser, III - City Attorney