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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 />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-40-95 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON AUTHORIZING THE ISSUANCE OF MULTIFAMILY <br />MORTGAGE REVENUE REFUNDING BONDS (BLUE MOUNTAIN <br />TERRACE PROJECT) SERIES 1995A AND MULTIFAMILY <br />MORTGAGE REVENUE REFUNDING BONDS (BLUE MOUNTAIN <br />TERRACE PROJECT) SUBORDINATE SERIES 1995B, IN THE <br />AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED <br />$7,000,000, APPROVING THE FORM OF LEGAL DOCUMENTS <br />RELATED THERETO AND AUTHORIZING AND DIRECTING <br />THEIR PREPARATION, EXECUTION, AND DELIVERY <br />WHEREAS, in 1985, the City of Colton (the "City") issued the <br />City of Colton Variable Rate Multifamily Mortgage Revenue Bonds <br />(First Nationwide Savings Program) 1985 Issue A. in the aggregate <br />principal amount of $7,500,000 (the "Prior Bonds"), the proceeds <br />of which were loaned to 700 Market Associates, IX, a California <br />partnership (the "Borrower") to provide financing for a <br />multifamily rental housing development (the "Project"); and <br />WHEREAS, the note securing the letter of credit on the Prior <br />Bonds was foreclosed by First Nationwide Bank (the "Credit Bank") <br />and the Credit 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 />WHEREAS, the Owner now desires to refund the Prior Bonds and <br />obtain certain funds for the operation of the Project, and has <br />requested that the City issue certain refunding bonds; and <br />WHEREAS, in order to assist the Owner, the City proposes at <br />this time to issue the (i) City of Colton Multifamily Mortgage <br />Revenue Refunding Bonds (Blue Mountain Terrace Project) Series <br />