1996 ADJ MIN OCT 01 - Laserfiche WebLink

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CITY OF COLTON AMENDING THE ADOPTED BUDGET FOR THE FISCAL YEAR OF 1996-1997 ECONOMIC DEVELOPMENT DIRECTOR'S REPORTS AND RECOMMENDATIONS: Colton Public Financing Authority City Attorney Biggs informed that the amount was incorrectly announced, due to clerical error, as $4,000,000 and that the correct figure was $4,5000,000. Councilmember Beltran moved, with second by CM Sanders, for approval of Resolution No. R-116-96, approving the issuance of not -to -exceed $4,500,000 Colton Public Financing Authority Rancho Mediterrania Mobile Home Estates refunding notes, Issue of 1996, the borrowing by the Redevelopment Agency for the City of Colton of the proceeds therefrom pursuant to that certain loan agreement and the granting of CDBG funds to the Agency for rehabilitation of the Project. Motion carried with Councilmember Hansen absent. RESOLUTION NO. R-116-96 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON, APPROVING THE ISSUANCE OF NOT TO EXCEED $4,500,000 COLTON PUBLIC FINANCING AUTHORITY RANCHO MEDITERRANIA MOBILE HOME ESTATES REFUNDING NOTES, ISSUE OF 1996, THE BORROWING BY THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON OF THE PROCEEDS THEREFROM PURSUANT TO THAT CERTAIN LOAN AGREEMENT AND THE GRANTING OF CDBG FUNDS TO THE AGENCY FOR REHABILITATION OF THE PROJECT PERSONNEL DIRECTOR'S REPORTS AND, RECOMMENDATIONS Deferred Compensation Personnel Director Harmon explained that approval of the proposed resolutions would offer more investment choices for deferred compensation for the City employees and would also reduce the City administrative burden with no impact to the budget. Motion/second, by CM Cook/Mayor Fulp, to approve and adopt Resolution Nos. R-117-96 & R-118-96, to authorize the establishment of alternative 457 Deferred Compensation Plans with PERS and Lincoln Life and to authorize the City Manager to sign the agreements on behalf of the City. Motion carried with Councilmember Hansen absent. RESOLUTION NO. R-117-96 RESOLUTION APPROVING ADOPTION OF LINCOLN NATIONAL CORPORATION DEFERRED COMPENSATION PLAN 7 nr+T n , inn^