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18• MAYOR'S AGENDA <br />FOR PUBLIC HEARING <br />CITY OF COLTON, CALIFORNIA <br />$23,300,000 <br />CITY OF COLTON <br />SINGLE FAMILY RESIDENTIAL <br />MORTGAGE REVENUE REFUNDING BONDS <br />(GNMA MORTGAGE-BACKED SECURITIES PROGRAM) <br />SERIES 1987 A <br />June 16, 1987 <br />1. Mayor opens public hearing. <br />2. Mayor calls upon Staff for a summary of the program and <br />its proposed financing. <br />3. summary of financing by Staff. <br />(a) Summary of program: provide low interest rate <br />mortgages for first-time homebuyers of single- <br />family residences located within the City. <br />(b) Summary of proposed financing: Single Family Resi- <br />dential Mortgage Revenue Refunding Bonds in an <br />amount not to exceed $23,300,000 to be issued by <br />the City to refund the City's 1984 Single Family <br />Residential Mortgage Revenue Bonds (the 111984 <br />Bonds"). The Bonds will be secured by GNMA Securi- <br />ties comprised of mortgages to be funded with <br />proceeds of the 1984 Bonds. <br />4. Mayor calls for any comments or questions from the pub- <br />lic. <br />5. Mayor closes the public hearing. <br />6. City Council proceeds to consideration of adoption of <br />Resolution approving the financing and approving the <br />basic legal documents and the issuance of the Bonds. <br />Resolution No. R-79-87. <br />3 <br />