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Home My WebLink AboutMINUTES - 05141985 - T.3 CONTRA COSTA HOME MORTGAGE FINANCE AUTHORITY GOVERNING BOARD RESOLUTION NO. 85-1 RESOLUTION ELECTING CHAIR, VICE CHAIRMAN AND SECRETARY; AMENDING RULES AND REGULATIONS• APPROVING SUPPLEMENTAL INDENTURE; APPROVING AMENDMENT TO ORIGINATION, SERVICE AND ADMINISTRATION AGREEMENT AND CANCELLING REGULAR MEETING. WHEREAS, it is desirable at this time to elect a new Chair, Vice Chairman and Secretary of the Contra Costa Home Mortgage Finance Authority (the "Authority" ) ; WHEREAS, it is desirable at this time to revise the Median Household Income and Average Area Purchase Price figures for purposes of the Authority' s home mortgage finance program to reflect more recent data; WHEREAS, the Authority and the Manufacturers Hanover Trust Company of California, as trustee (the "Trustee" ) have entered into an Indenture dated as of August 1, 1984 (the "Indenture" ) providing for the issuance of the Contra Costa Home Mortgage Finance Authority 1984 Home Mortgage Revenue Bonds; WHEREAS, the Authority, the County of Contra Costa as administrator (the "Administrator" ) , Verex Mortgage Corporation as compliance agent (the "Compliance Agent"), the Trustee and certain lending institutions (the "Lending Institutions" ) have entered into an Origination, Service and Administration Agreement dated as of August 1, 1984 (the "Agreement" ) ; WHEREAS, it is necessary and desirable at this time . to amend the Indenture and the Agreement in the forms proposed; NOW, THEREFORE, BE IT RESOLVED by the Governing Board of the Contra Costa Home Mortgage Finance Authority, as follows: 1. The Chairman or Chairwoman of the Board of Supervisors of the County of Contra Costa is hereby elected Chair of the Authority, the Mayor of the City of Antioch is hereby elected Vice Chairman of the Authority, and the County Administrator of the County of Contra Costa is hereby elected Secretary of the Authority. Such officers shall replace the current holders of such offices. 2. Section 6 and Section 7 of the Contra Costa Home Mortgage Finance Authority 1984 Program Rules and Regulations Establishing Eligibility Criteria for Mortgagors and Home Mortgages are hereby amended to read in full as follows: Section 6. Median Household Income. For purposes of the Program, Median Household Income is. the countywide median household income which is $40,894. Section 7. Average Area Purchase Price. For purposes of the Program, the Average Area Purchase Price is $153, 100 for residences which have not been previously occupied and $149,200 for residences which have been previously occupied. 3 . The proposed form of supplemental indenture dated as of May 1, 1985, between the Authority and the Trustee, amending the Indenture, presented to this meeting is hereby approved. The Chair or Vice Chairman and Secretary or Assistant Secretary of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver a supplemental indenture in substantially said form, with such additions thereto or changes therein as such officers may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. 4. The proposed form of amendment to origination, - service and administration agreement dated as of May 1, 1985, among the Authority, the Administrator, the Compliance Agent, the Trustee and the Lending Institutions, amending the Agreement, presented to this meeting is hereby approved. The Chair or Vice Chairman and the Secretary or Assistant Secretary of the Authority are hereby authorized and directed, for and in the name and on behalf of the Authority, to execute and deliver an amendment to origination, service and administration agreement in substantially said form, with such additions thereto or changes therein as such officers may require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. 5. The regular meeting of the Authority scheduled for June 4, 1985 is hereby cancelled. 2 040511-0012-188-5484s b . This resolution shall take effect immediately upon its adoption. ADOPTED this 14th day of May, 1985 , by the following votes : Ayes : Directors Schroder , McPeak, Torlakson, Keller , Fanden. Noes : None. Absent : Director Powers . �3r ATTEST: Phil Batchelor Clerk of the Board of Supervisors and Secretary to the Contra Costa Home Mortgage Finance Authority Governing Board By: g. Assistant Secret,#ry CC : County A`dministrater County Counsel Orrick, Herrington & Sutcliffe O 'Melveny & Meyers Manufacturers Hanover Trust 3 040511-0012-188-5484s ASSISTANT SECRETARY' S CERTIFICATE I , Jeanne 0. Maglio Assistant Secretary of the Contra Costa Home Mortgage Finance Authority, hereby certify ` as follows: The foregoing is a full, true and correct copy of a resolution duly adopted by a vote of a majority of the members of the Governing Board of said Authority at a meeting duly, regularly and legally held at the Board of Supervisors' Chambers, Room 107,651 Pine Street, Martinez, California thereof on May 14, 1985, of which meeting all of said members had due notice as follows: Ayes: Directors Schroder , McPeak , Torlakson, Keller , Fanden. Noes: None. Absent: Director Powers . I have carefully compared the foregoing with the original minutes of said meeting on file and of record in my office, and the foregoing is a full, true and correct copy of the original resolution adopted at said meeting and entered in said minutes. Said resolution has not been amended, modified or rescinded since the date of its adoption, and the same is now in full force and effect. Dated: May 14 , 1985 Assistant Secret y of the Contra Costa Home Mortgage Finance Authority ( SEAL]