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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />WHEREAS, in order to provide for the refunding of the 1982 <br />Certificates, the City and the Trustee shall continue to lease a <br />certain site pursuant to the Ground Lease and shall amend the <br />Lease Agreement as of February 1, 1986 and such amendment shall <br />take effect on the date of issuance of the Refunding Certifi- <br />cates of Participation in an amount not to exceed $565,000, said <br />Certificates Evidencing Proportionate Ownership Interests in a <br />Lease -Purchase Agreement with the City of Colton, California <br />(the "Certificates"); and <br />WHEREAS, this City Council has determined that it is in the <br />best interests and for the common benefit of the citizens of the <br />City that the City at this time authorize the execution and <br />delivery of the Certificates in the aggregate principal amount <br />not to exceed $565,000 to refund the outstanding 1982 Certifi- <br />cates; and <br />WHEREAS, the proceeds from the sale of the Certificates will <br />be used to make additional deposits in the Reserve Fund and to <br />redeem the 1982 Certificates on March 15, 1986; and <br />WHEREAS, the Certificates will be issued in the aggregate <br />principal amount not to exceed $565,000, will evidence propor- <br />tionate ownership interests in the Lease Agreement and will be <br />executed and delivered by the Trustee for the City pursuant to <br />the terms of the Trust Agreement; and <br />WHEREAS, there has been presented to this City Council for <br />approval the following documents which are necessary to <br />implement said determination: <br />(1) The Lease Agreement, dated as of February 15, 1982, as <br />amended as of February 1, 1986, by and between the City <br />-2- <br />