Resolution No. 2181RESOLUTION NO 2181
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CYPRESS APPROVING AMENDED RULES
AND REGULATIONS, MORTGAGE LOAN PURCHASE
AGREEMENTS, SELLERS' GUIDE, SERVICING
AGREEMENTS, SERVICERS' GUIDE, AND OFFI-
CIAL STATEMENT FOR THE RESIDENTIAL MORT-
GAGE FINANCING PROGRAM OF THE CITY OF
CYPRESS
325
WHEREAS, there has been presented to this City Council
proposed amended Rules and Regulations for the City's Resi-
dential Mortgage Purchase Agreements, Sellers' Guide, Ser-
vicing Agreements and Servicers' Guide, all in connection
with the City's Residential Mortgage Financing Program,
NOW, THEREFORE, the City Council of the City of Cypress
does hereby resolve as follows:
1. Th• Rules and Regulations, dated January 1, 1980
and in form this date presented to this City Council, are
hereby approved as the Rules and Regulations of the City for
its Residential Mortgage Financing Program.
2. The Mortgage Loan Purchase Agreements by and among
the City, Security Pacific National Bank, Citizens Savings
and Loan Association, The Kissell Company, Western Federal
Savings & Loan Association and State Mutual Savings and Loan
Association and Sellers' Guide, each dated as of January 1,
1980, and in form this date presented to this City Council,
are hereby approved
3 The Servicing Agreements by and among the City,
Security Pacific National Bank, Citizens Savings and Loan
Association, The Kissel Company, Western Federal Savings &
Loan Association and State Mutual Savings and Loan Associa-
tion, and Servicers' Guide each dated as of January 1, 1980,
and in form this date presented to this City Council, are
hereby approved.
4. Th• Mayor and City Clerk of the City are hereby
authorized to permit the distribution of the final Official
Statement in the form this date presented to the City Council
with such changes, omissions, insertions and revisions as
they shall deem advisable and made pursuant to the Bond
Purchase Contract, and to sign and deliver its final Offi-
cial Statement to the purchasers under the Bond Purchase
Contract in the name and on the behalf of the City.
5. The Official Statement in preliminary form, dated
December 19, 1979, and its delivery to prospective purchas-
ers of the Bonds are hereby approved. The City hereby
determines that the assumptions, estimates and expectations
of the City set forth in the preliminary Official Statement
were accurate as of the date thereof and the assumptions,
estimates and expectations of the City set forth in the
final Official Statement are accurate as of the date there-
of; and the City hereby adopts the preliminary and final
Official Statements as its own statements.
326 6. The Mayor and City Clerk are hereby authorized and
directed to execute each of the above documents with such
additions, deletions or modifications as are necessary to
the prompt delivery of the Bonds subject to the approval of
the City Attorney at or prior to the date of delivery of the
Bonds to the purchasers thereof.
PASSED AND ADOPTED by the City Council of the City of
Cypress at a regular meeting held on the 14th day of January,
1980.
MAYOR OF THE C TY OF CYPRESS
ATTEST:
CITY dte‘idEi--Ty OF CYPRESS
STATE OF CALIFORNIA )
ss.
COUNTY OF ORANGE
I, DARRELL ESSEX, City Clerk of the City of Cypress, DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted
at a regular meeting of the said City Council held on the
14th day of January, 1980 by the following roll call vote:
AYES: 5 COUNCILMEMBERS:Evans ,Hudson ,Lacayo ,MacLain and Rowan
NOES: 0 COUNCILMEMBERS:None
ABSENT: 0 COUNCILMEMBERS:None
ITY CLERK OF THE CITY OF CYPRESS