1995 RES R-40-95 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 1995A (the "Series A Bonds") and (ii) City of Colton Multifamily Mortgage Revenue Refunding Bonds (Blue Mountain Terrace Project) Subordinate Series 1995B (the "Series B Bonds", and together with the Series A Bonds, the "Bonds"), in the aggregate principal amount of not to exceed $7,000,000; and WHEREAS, the Bonds shall be issued pursuant to that certain indenture of trust which shall be entered into by and between the City and First Trust of California, National Association, as trustee (the "Trustee"), the form of which is presently on file with the City Clerk (the "Indenture"); and WHEREAS, the proceeds of the Bonds will be loaned to the Owner in accordance with that certain loan agreement which shall be entered into by and between the City and the Owner, the form of which is presently on file with the City Clerk (the "Loan Agreement"); and WHEREAS, the Series A Bonds shall be repaid in accordance with the terms of a promissory note (the "Series A Note") secured by a deed of trust recorded against the Project (the "Series A Deed") as further provided in the Loan Agreement, and a pledge of monies in the funds and accounts established by the Indenture; and WHEREAS, the Series B Bonds shall be repaid in accordance with the terms of a promissory note (the "Series B Note") secured by a deed of trust recorded against the Project (the "Series B Deed") as further provided in the Loan Agreement, and a pledge of monies in the funds and accounts established by the Indenture (the Series A Note and Series B Note shall be referred to collectively as the "Notes", and the Series A Deed and the Series B Deed shall be referred to collectively as the "Deeds of Trust"); and - 2 -