Resolution - 6787RESOLUTION NO. 6787
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
WEST COVINA DIRECTING INITIAL IMPLEMENTATION OF
• THE 1983 SINGLE FAMILY MORTGAGE REVENUE BOND
FINANCING PROGRAM
WHEREAS, the City of West Covina has applied for and received an
allocation of qualified mortgage revenue bonds; and
WHEREAS, the City of West Covina has entered into a Program Deposit
Agreement with the La Solana Corp. to build residential condominiums
(the "Project"); and
WHEREAS, the City Council proposes to issue mortgage revenue bonds to
provide funds to acquire home mortgages in support of the Project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
West Covina as follows:
Section 1. The Agreement for Financial Consulting and Investment
Banking Services by and between the City of West Covina and the joint
venture of Rod Gunn and Associates, Inc., and Wm. E. Pollock and Company,
Inc., attached hereto as Exhibit "A" and by this reference incorporated
herein is hereby approved.
Section 2. Jones Hall Hill .and White, a professional law corporation,
are hereby approved and employed as Bond Counsel to provide legal services
• to the Agency with respect to the issuance, sale and delivery of bonds.
Compensation for such services to be provided as in the agreement attached
hereto as Exhibit "B" with Bond Counsel which is hereby approved.
Section 3. The Preliminary Official Statement attached hereto as
Exhibit "C" and by this reference incorporated herein is hereby approved
for printing and distribution in substantially the form presented.
Section 4. The City of West Covina 1983 Single Family Mortgage Revenue
Bond Program is hereby authorized to be submitted to Fitch Investor Service
for a bond rating.
Section 5. The City Clerk shall certify to the adoption of this
resolution.
APPROVED and ADOPTED this 28th day of November
following vote:
1
Mayor
ATTEST:
•
City Clerk
1983, by the
•
is
I HEREBY CERTIFY that the foregoing Resolution No. 6787 was duly .
adopted by the City Council of the City of West Covina at a regular meeting
thereof held on the 28th day of November—, 1983, by the following
vote of the Council:
AYES: Councilmen: Tice, Tennant, Shearer, Bacon
NOES: Councilmen: none
ABSENT: Councilmen: Chappell
City Clerk
APPROVED AS TO FORM:
City Attorney