Laserfiche WebLink
1 � <br /> proceeds to the refunding of the outstanding Series 1985 Bonds and to the payment <br /> of certain other costs incurred in connection with the Project and the financing or <br /> refinancing thereof. A public hearing on the proposal to issue the proposed bonds <br /> for such purposes has been held upon published notice, and all interested persons <br /> given an opportunity to be heard with respect thereto. <br /> 1.04. Forms of the following documents relating to the proposed issue of <br /> refunding bonds have now been prepared and submitted to the City Council: <br /> (a) an Indenture of Trust, dated as of May 1, 1996 (the "Series 1996 <br /> Indenture"), between the City and First Trust National Association (the <br /> "Series 1996 Trustee"), whereby the City prescribes the terms and conditions <br /> for the issuance of two series of bonds: Multifamily Housing Development <br /> Refunding Revenue Bonds, Series 1996A (GNMA Collateralized - Chandler <br /> Place Limited Partnership Project) in the aggregate principal amount not to <br /> exceed $5,960,000 (the "Series 1996A Bonds") and Multifamily Housing <br /> Development Revenue Bonds, Series 1996B (Taxable) (GNMA Collateralized - <br /> Chandler Place Limited Partnership Project) in an aggregate principal amount <br /> not to exceed $1,240,000 (the "Series 1996B Bonds"); <br /> (b) a Loan Agreement, dated as of May 1, 1996 (the "Series 1996 Loan <br /> Agreement"), between the City, the Partnership, Glaser Financial Group, Inc. <br /> • (the "Lender"), and the Series 1996 Trustee, whereby the City agrees that the <br /> proceeds of the Series 1996A Bonds and the Series 1996B Bonds (collectively, <br /> the "Series 1996 Bonds") shall be used to fund a loan (the "Mortgage Loan") by <br /> the Lender to the Partnership, to be evidenced by a promissory note (the <br /> "Mortgage Note") of the Partnership, secured by a mortgage lien (the <br /> "Mortgage") on the Project; the Mortgage is to be insured by the Federal <br /> Housing Administration (the "FHA"), and upon endorsement of the <br /> Mortgage Loan by the FHA the Lender is to issue and deliver to the Series <br /> 1996 Trustee, as security for the Series 1996 Bonds, a security (the "GNMA <br /> Security") issued by the Lender and guaranteed as to timely payment of <br /> principal and interest by the Government National Mortgage Association <br /> ("GNMA"); <br /> (c) a Bond Purchase Agreement (the "Bond Purchase Agreement"), <br /> between the City, the Partnership and FBS Investment Services, Inc. (the <br /> "Underwriter"), whereby the Underwriter agrees to purchase the Series 1996 <br /> Bonds; <br /> (d) a draft form of Preliminary Official Statement, whereby the Series <br /> 1996 Bonds are offered to investors; and <br /> • <br /> - 2 - <br />