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HomeMy WebLinkAbout1982-507-11.08.1982 • Hua-4201 RESOLUTION NO. r `l c3D (q-70 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT RESOLUTION AUTHORIZING EXECUTION OF ANNUAL CONTRIBUTIONS CONTRACT AND GENERAL DEPOSITARY AGREEMENT AND ISSUANCE OF PROJECT LOAN AND PERMANENT NOTES WHEREAS the WATERLOO HOUSING AUTHORITY (herein called the"Local Authority") propose(1) to enter into an Annual Contributions Contract (herein called the "Contract") with the United States of America (herein called the "Government"); (2) to enter into an agreement (herein called the "General Depositary Agreement") with one or more banks, each of which is a member of the Federal Deposit Insurance Corporation; and (3) to authorize the issuance of its notes as evidence of advances to be made to the Local Authority pursuant to the Contract; all with respect to any "Project" as defined in the Contract and which at any time now or hereafter is incorporated under the terms of such Contract. NOW, THEREFORE, BE IT RESOLVED by the Local Authority as follows: Section 1. The Contract, numbered Contract No._KC_3047 , is hereby approved and accepted both as to form and substance and the _ Mayor is hereby authorized and directed to execute said Contract in quadruplicate on behalf of the Local Authority, and the City Clerk is hereby authorized and directed to impress and attest the official seal of the Local Authority on each such counterpart and to forward three executed counterparts thereof to the Government together with such other documents evidencing the approval and authorizing the execution thereof as may be required by the Government. Section 2. The General Depositary Agreement, substantially in the form of Form No. HUD-51999A, is hereby approved and accepted both as to form and substance and is incorporated herein by reference and made a part hereof. The Mayor is hereby authorized and directed to execute said Agreement in quintuplicate on behalf of the Local Authority, and the Cl rY Clerk is hereby authorized and directed to impress and attest the 'official seal of the Local Authority on each such counterpart and to forward three executed counterparts thereof to the Government together with such other documents evidencing the approval and authorizing the execution thereof as may be required by the Government. Section 3. The Executive Director is hereby authorized to file with the Government from time to time, as monies are required, requisitions together with the necessary supporting documents requesting advances to be made on account of the loan provided in the Contract, and the proper officers of the Local Authority shall prepare, execute and deliver to the Government Notes hereinafter authorized and shall accept payment therefor from the Government in cash and,'or exchange for other Notes of the Local Authority, and such persons are authorized to do and perform all other things and acts required to be done or perfonned in order to obtain such advances. Cash proceeds from the sale of all Notes shall be deposited and disbursed only in accordance with the provisions of the Contract. Section 4. (A) In order to provide monies to finance the Development Cost of each Project and to refund, renew, extend or substitute for any Project Loan Notes (in the Contract called "Advance Notes") or Permanent Notes by this Resolution authorized to be issued (or any such Notes by any other resolution authorized to be issued and which are outstanding, or on deposit for delivery pending payment therefor, as of the date this Resolution becomes effective), or for any Project Notes (in the Contract called "Temporary Notes") issued by the Local Authority in anticipation of the delivery of Project Loan or Permanent Notes, there are hereby author— ized to be issued, from time to time, Project Loan and Permanent Notes of the Local Authority in an aggregate • principal amount outstanding at any one time (whether authorized by this Resolution or any other resolution authorizing the issuance of Project Loan or Permanent Notes) equal to the Maximum Development Cost (or the Actual Development Cost if such amount has then been determined) of each Project, less the sum of (1) the principal amount of Bonds issued to finance such Development Cost and (2) the principal amount of Project Loan, Permanent, or Project Notes issued to finance such Development Cost and which has then been retired from funds other than the proceeds of any loan obtained by the Local Authority. (B) Each such Note shall bear interest and be payable in the form and manner prescribed by the Contract and this Resolution; shall be signed in the name of the Local Authority by the Mayor shall have the official seal of the Local Authority impressed thereon and attested by the_.__CitV Clerk Each Project Loan Note shall be in substantially the form of Form No. HUD-9204 and each Permanent Note shall be in substantially the form of Form No. HUD-52250, each of which forms is incorporated herein by reference and made a part hereof. Project Loan Notes and Permanent Notes shall be issued to finance the Development Cost of Non—Permanently Financed Projects and Permanently Financed Projects, respectively. (C) Each Note issued with respect to any Project shall be a direct and general obligation of the Local Authority, the full faith and credit of which is hereby pledged for the punctual payment of the principal of and interest on such Notes, and, together with all other Notes issued pursuant to this Resolution, shall be additionally secured by (1) a first pledge of the annual contributions payable to the Local Authority and authorized to !. pledged to such payment pursuant to the Contract and (2) by a pledge of and lien on the Residual Receipts of such Project after providing for the payment of Bonds issued in respect to such Project. (D) As additional security for the equal and ratable payment of the principal of and interest on each Note issued with respect to any Project, together with each other Note issued with respect to such Project, the Local Authority, to the fullest extent permitted by the La:__T_nf the State, hereby pledges, mortgages, conveys and grants unto the Government all property described in the Contract constituting such Project, including that certain real property relating to each such Project and more particularly described In the trust instrument or any amendment thereto as executed and recorded by the Local Authority pursuant to the Contract: Provided, Previous edition fs obsolete • ~ That in respect to Permanently Financed Project; the lien of such pledge and mortgage and rights granted and conveyed pursuant to this paragraph shall (1) be junior to the Bonds and junior to the pledge of Residual Receipts securing the Bonds, and (2)not be foreclosable until all Bonds shall have been paid and discharged in the manner provided in the Bond Resolutions. If the preceding sentence shall be adjudged by a court at competent jurisdiction to be invalid or inettective it is the intention of the Local Authority to be fully obligated under the other provisions of this Resolutilnc-raid that such judgment shall not impair or invalidate the obligation of the Local Authority to pay the principal of and interest on each Note from other funds of the Local Authority as herein provided. Section 5. Whenever the following terms, or any of them, are used in this Resolution, the same, unless the context shall indicate another or different meaning or intent, shall be construed, and are intended to have meanings as follows: (1) The term "Resolution" shall mean this Resolution. (2) All other terms used in this Resolution and which are defined in the Contract shall have the respective meanings ascribed thereto in the Contract. Section 6. All resolutions or parts of resolutions heretofore adopted bythe Local Authority which authorize the issuance and/or delivery of Advance, Project Loan or Permanent Notes pursuant to the Contract are hereby repealed: Provided, however,That such repeal shall in no way affect the validity of Advance, Project Loan or Permanent Notes issued pursuant to said resolutions which are outstanding or on deposit for delivery pending payment therefor on the date this Resolution becomes effective: Provided further, That the Project Loan Notes authorized by this Resolution shall be exchanged for any Advance Notes heretofore issued pursuant to any previous resolution. Section 7. This Resolution shall take effect immediately. Passed and adopted the 8th day of November, 1982 . Leo P. Roof f, May L rry . Burger, C rk/Auditor HUD-9201 (9-74) GPO P83.862