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Mayor Gonzales called upon Staff for a summary of the Program and its <br />proposed financing. <br />City Manager Benest advised in 1984, the City of Colton issued $23,300,000 <br />in Single Family Residential Mortgage Revenue Bonds, however, a majority <br />of the proceeds of that issue have not been spent to date and the City <br />must redeem the unspent proceeds on July 1, 1987. <br />Mr. Benest continued Staff would like to preserve the City's ability <br />to provide potential residents with a single family mortgage bond <br />program beyond this date. Mr. Benest referred to a memorandum from <br />Best, Best & Krieger, Special Counsel, outlining a process and method <br />to accomplish this. <br />Mr. Benest concluded Staff recommends the Council proceed with the <br />actions as outlined in the memorandum, and also adopt Resolution No. <br />R-79-87. <br />Mayor Gonzales asked if anyone present desired to speak on this matter. <br />Mayor Gonzales declared the Public Hearing terminated. <br />Moved by Councilman Rios, seconded by Councilwoman Garcia, to approve <br />Staff's recommendation and Resolution No. R-79-87. Unanimous vote. <br />RESOLUTION NO. R-79-87 - <br />CLOSED SESSION <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON APPROVING THE ISSUANCE OF ITS NOT TO <br />EXCEED $23,300,000 PRINCIPAL AMOUNT SINGLE- <br />FAMILY RESIDENTIAL MORTGAGE REVENUE REFUND- <br />ING BONDS (GNMA MORTGAGE-BACKED SECURITIES <br />PROGRAM) 1987 SERIES A, A PURCHASE CONTRACT <br />A REMARKETING AGREEMENT, A TRUST INDENTURE, <br />AND A FORM OF AN ORIGINATION AND SERVICING <br />AGREEMENT, AUTHORIZING THE CITY MANAGER TO <br />SET THE FINAL TERMS OF THE SALE OF THE BONDS <br />RETAINING BOND COUNSEL AND MAKING CERTAIN <br />DETERMINATIONS RELATING THERETO. <br />The City Council adjourned to Closed Session at 7:50 p. m., to discuss <br />Litigation Matters, pursuant to Government Code Section 54956.9(b)(1), <br />and reconvened at 8:00 p. m., all Members present. <br />RDA/City Council <br />Mayor Gonzales announced both the Council and the Agency are simultan- <br />eously convened for the purpose of conducting two joint public hearings <br />during which the Council and Agency will take public testimony prior to <br />considering the adoption of a Redevelopment Plan for the Mt. Vernon <br />Corridor Redevelopment Project and a Redevelopment Plan for the First <br />Amendment to the West Valley Redevelopment Project. <br />4 <br />