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Approving Beacon Heights Apartments
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Approving Beacon Heights Apartments
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Last modified
4/25/2017 4:31:13 PM
Creation date
2/7/2017 8:52:37 AM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
7/14/1980
Ord-Res Number
793-80
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7 <br />and other public and private bodies to fulfill such public <br />purposes. <br />SECTION 12. The Authority hereby agrees to perform an <br />annual review of the Corporation's performance and to cause a <br />copy of such audit together with any audits performed during <br />the reporting period to be forwarded, to HUD. <br />SECTION 13. The Authority hereby agrees that in the <br />event of a default by the Owner under the Housing Assistance <br />Payments Contract, the Authority will pursue all available <br />remedies to achieve correction of the default, including <br />operation and possession of the Project, if called upon by <br />HUD or tie Note Trustee or (upon final endorsement of the <br />Mortgage Note and assignment thereof to the Bond Trustee) the <br />Bond Trustee. <br />SECTION 14. The Authority hereby agrees to administer <br />the HAD Contract pursuant to the ACC. <br />SECTION 15. The Authority acknowledges the duties, <br />obligations and covenants that it agrees to undertake, as <br />will be set forth in the Note Indenture and the Bond Inden- <br />ture, and officers of the Authority, including its Chairman, <br />are authorized, empowered and directed to execute any docu- <br />ments to- accomplish the purposes of this resolution, upon <br />completion ®f construction of the Project and execution ok <br />the Housing Assistance Payments Contract by and between the <br />Owner and the Authority. <br />SECTION 16. The lawful acts of the Corporation, in <br />authorizing the issuing and selling of the Bonds secured by <br />the Bond Indenture and the Notes secured by the Note Inden- <br />ture, as well as the projected financing program and pro- <br />jected expenditures of the Corporation, are to be reviewed by <br />the Chairman of the Authority who is authorized to act on <br />behalf of the Authority to approve, ratify and confirm the <br />same. <br />SECTION 17. The Authority shall have a right of access <br />at any time to all books and records of the Corporation. <br />SECTION 18. It is found and determined that all formal <br />actions of the Authority concerning and relating to the adop- <br />tion of this Resolution were adopted in an open meeting of <br />the Authority; and that all deliberations of the Authority <br />
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