1990 AGN MAR 06 I07 - Laserfiche WebLink

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THIS FIRST SUPPLEMENTAL INDENTURE, made and entered into as of March 1, 1990, by and between the CITY OF COLTON, a municipal corporation and general law city of the State of California, duly organized and existing under the Constitu- tion and laws of the State of California (the "City"), and THE BANK OF CALIFORNIA, NATIONAL ASSOCIATION, a national banking association organized and existing under and by virtue of the laws of the United States of America, as Trustee (the "Trustee"). W I T N E S S E T H: WHEREAS, Chapter 7 of Part 5 of Division 31 of the Health and Safety Code of the State of California (herein called the "Act") authorizes cities and counties to incur indebtedness for the purpose of financing the construction or development of multifamily rental housing and for the provision of capital improvements in connection with and determined necessary to such multifamily housing, and the Act provides a complete, additional and alternative method for doing the things authorized thereby; and WHEREAS, the City Council of the City has deter- mined to engage in a program of making mortgage loans to owners of such multifamily rental housing pursuant to the Act, and has issued its City of Colton Variable Rate Multi- family Mortgage Revenue Bonds (First Nationwide Savings Program) 1985 Issue A (the "Bonds") pursuant to the Act and an indenture dated as of April 1, 1985 (the "Indenture") by and between the City and the Trustee; and WHEREAS, the Indenture provides that there shall be appointed a Remarketing Agent to perform the obligations set forth in Articles II and VIII thereof; and WHEREAS, Section 8.08 of the Indenture provides that, among other things, the Remarketing Agent shall have a capitalization of at least $25,000,000; and WHEREAS, the City and the Trustee desire to appoint Pacific Securities, Incorporated as Remarketing Agent under the Indenture; and WHEREAS, Pacific Securities, Incorporated has a capitalization of less than $25,000,000; and WHEREAS, the Indenture may be amended by the City and the Trustee without the consent of the Owners of the Bonds in any manner which in the judgment of the Trustee is not to the prejudice of the lien of the Indenture or the Holders of the Bonds;