1994 AGN SEP 29 I1 & 2 - Laserfiche WebLink

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SEP 29 '94 04:32PM ;SwW;�"�`•' ,- P.2 TO: Staff City of Colton FROM: Sabo & Green, A Professional Corporation Spacial Counsel DATE: September 29, 1994 RE: RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, OF CALIFORNIA, AUTHORIZING AND APPROVING EXECUTION AMENDMENT TO INDENTURE OF TRUST FOR THE $7,5001000 CITY OF COLTON VARIABLE RATE MULTIFAMILY MORTGAGE REVENUE BONDS (FIRST NATIONWIDE SAVINGS PROGRAM) 1985 ISSUE A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA, APPROVING TRANSFER OF PROJECT SECURING THE $7,500,000 VARIABLE RAT SANNNGSFAMILY ROGRAM)R1.9$5EI3SUEr�AE BONDS (FIRST NATIONWIDE ASSIGNMENT AND ASSUMPTION AGREEMENT RELATED THERETO AND THE EXECUTION AND DELIVERY OF SAID DOCUMENTS AND RELATED DOCUMENTS IN CONNECTION WITH THE TRANSFER AND REFINANCING OF THE PROJECT in 1985, the City of Colton (the "City") issued its City of Colton Variable Rate Multifamily Mortgage Revenue Bonds (First Nationwide Savings Program) 1985 Issue At iofthe principal amoUnt ds were used of $7 , 500, 000 (the"Bonds"). The proceeds to fund a loan to provide financing f or a ,multifamily rental housing development within the City (the "Prod ect" ) on behalf of 11700 Market Associates, IX, a California partnership" (the "Borrower")- The Borrower").The Note was secured by a letter of credit o onthe Bonds (the "Letter of Credit") which was provided by s Bank (the "Credit Bank") . The Credit Bank foreclosed upon the Note securing the Letter of Credit and became the owner of the Project through its subsidiary First Prudential Corporation. The Credit Bank is being sold and is therefore winding down its banking business in connection with such sale. As a condition of the sale, the Credit Bank is required to cancel all of its security instruments, including its its �$ d� h doled to be letters of credit. The sale of the Credit Bank's ass completed on September 30, 1994. =I-