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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 />City, which notice set 7:30 p.m. on August 19, 1986, and the <br />City Council chambers as the time and place for said hearing; <br />and <br />WHEREAS, this City Council is the applicable govern- <br />mental unit to conduct said public hearing for purposes of <br />Section 103(k) of the Internal Revenue Code of 1954, as amended <br />(the "Code"); and <br />WHEREAS, this City Council has duly held said public <br />meeting and hearing with respect to the Project and its proposed <br />financing by the Agency, all in accordance with Section 103(k) <br />of the Code, at which public hearing interested individuals were <br />given a reasonable opportunity to express their views on the <br />Project and its proposed financing by the Agency; <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED <br />BY THE CITY COUNCIL OF THE CITY OF COLTON AS FOLLOWS: <br />Section 1. Approval of Project and Financing. This <br />City Council hereby approves the Project and its financing by <br />means of an issue of the Agency's multifamily housing revenue <br />bonds pursuant to provisions of the Act, all subject to the <br />requirements of the Act and further subject to the condition <br />that the Developer will reimburse the Agency and the City for <br />any expenses incurred in connection with this transaction in the <br />event bonds are not issued. This approval is intended to <br />satisfy the requirements of Section 103(k) of the Code. <br />-2- <br />