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Preclosing Activities
Prior to closing on the Whitewater and Ironwood bond issues,
officials of the Housing Authority, Riverside County's counsel,
the trustee's officers and its counsel, and bond counsel all
engaged in reviewing drafts of the Bond documents.
On December 17, 1985, William A. Rosenberger, executive
director of the Housing Authority, executed a "Non-Arbitrage
Certificate" for the Whitewater and Ironwood bonds. Therein, he
represented that the Housing Authority, as issuer of the Bonds,
reasonably expected that the Bond proceeds would be used for the
construction of multifamily housing. He further represented
that, except for a permissible temporary period, the Bonds would
not be invested in higher yielding taxable securities in an
attempt to gain arbitrage profits. Bond counsel checked with the
county government and were informed that notices of hearings on
the Bonds had been published.
The parties to the Bond issuances then attended a preclosing
at the Stubbeman office in Houston in mid-December 1985. Mr.
Christopher, as the Housing Authority's bond counsel, represented
Riverside County. Also present at the preclosing were Mr. Newman
and two other lawyers from the Stubbeman firm, Mr. McCown from
DLJ, and representatives from Unified. The purpose of the
preclosing was to obtain signatures and otherwise put the
documents into form for the final closing. The Stubbeman firm
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