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1 acquiring home mortgages pursuant to said program and <br />2 further to defray the costs of studies and surveys, insur- <br />3 ance premiums, underwriting fees, rating agency fees, print - <br />4 ing costs, and legal, accounting and marketing services <br />5 incurred in connection with said issuance and sale and to <br />6 further defray such other costs that may be determined to be <br />7 reasonably related to the foregoing and to further provide <br />8 for the establishment of such reserve funds as may be deter - <br />9 mined to be necessary to provide for the further security of <br />to the bonds. <br />11 Section 2. Purpose. The City hereby declares that <br />12 said proposed home financing program and issuance and sale <br />13 of the bonds will serve the public purpose of reducing the <br />14 cost of mortgage financing for single-family residences for <br />15 those persons unable to compete for mortgage financing in <br />16 the conventional mortgage market. <br />17 Section 3. Filing of Application With MBAC. The <br />18 City Manager is hereby authorized and directed to prepare <br />19 and to file with MBAC an appropriate application with res - <br />20 pect to the City's program and to further deliver a <br />21 certified copy of this resolution to MBAC together with said <br />22 application. <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />-3- <br />