1994 AGN SEP 29 I1 & 2 - Laserfiche WebLink

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SEP 29 '94 04:33PM P.3 The Credit Bank has identified a purchaser of the Project, Wolf Real Estate Limited Partnership (the "Purchaser"), which has agreed to purchase the Project and assume all liabilities of the Credit Bank as owner of the Project. Since th in credit Bank f act is winding down, its Letter of Credit may no r after September 30, 1994. For the past week the Purchaser has been in the process of purchasing all of the outstanding Beni to release the Letter of s on the market in order that it may give 100% Bondholders' cons Credit prior to September 30, 1994. In order to carry out the foregoing transaction, it is necessary that the Indenture of Trust be amended to release the Letter of Credit and clarify a provision in the Indenture which is ambiguous as to defeasance. Additionally, the City must approve the transfer of the Project and assumption by the Purchaser of all liabilities and duties under the various Bond Documents. An The transf or of the Project to the Purchaser does not affect the assets of the City, as said Bonds are only secured by payments received by the City from the Purchaser, and not from any other funds of the City. RecpMMand tion Staff recommends that the City approve the following resolutions: RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA, AUTHORIZING AND APPROVING EXECUTION OF AMENDMENT TO INDENTURE OF TRUST FOR THE $71500,000 CITY OF COLTON VARIABLE RATE MULTIFAMILY MORTGAGE REVENUE BONDS (FIRST NATIONWIDE SAVINGS PROGRAM) 19$5 ISSUE A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA, APPROVING TRANSFER OF PROJECTORTGACURING THE $7,500,000 VARIABLE FATE MULTIFAMILY BONDS ( FIRST NATIONWIDE 1985 ISSUE A0 SAG�� ASSIGNMENT AND ASSUMPTION��ETED THERETO AND THE EXECUTION AND DELIVERY OF SAID DOCUMENTS AND RELATED DOCU14ENTS IN CONNECTION WITH THE TRANSFER AND REFINANCING OF THE PROJECT coLT1001SW 4129194 330 kw -2=