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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-41-97 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTDN APPROVING THE SALE AND TRANSFER OF BLUE <br />MOUNTAIN TERRACE FACILITIES AND OUTSTANDING BONDS <br />ASSOCIATED THEREWITH, AND APPROVING LEGAL <br />DOCUMENTS RELATED THERETO <br />WHEREAS, in 1985, the City Of Colton (the "City") <br />issued the City of Colton Variable Rate Multifamily Mortgage <br />Revenue Bonds rst Nationwide Savings Program) 1985 Issue A, in <br />the aggregate p ;incipal amount of $7,500,000 (the "Prior Bonds"), <br />the proceeds o f which were loaned to 700 Market Associates, IX, <br />a California p rtnership (the "Borrower") to provide financing <br />for a multifami y rental housing development .(the "Project"); and <br />, the note securing the letter of credit on the <br />Prior Bonds was foreclosed by First Nationwide Bank (the "Credit <br />Bank") and the �redit Bank became the owner of the Project; and <br />WHEREAS, in August, 1994, the Credit Bank sought City <br />approval, as required under the 1985 Bond documents, to sell the <br />Project to Wolf Real Estate Limited Partnership ("Owner") and the <br />City approved said transfer of the Project to the owner; and <br />WHE7, the Owner now desires to call the Project and <br />the outstanding Prior Bonds to FowlerShore & Flanagan (the "'New <br />Owners") and haE <br />requested that the City approve such sale; and <br />1 <br />