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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 />Ranch Redevelopment Project No. 4 1986 Tax Allocation Bonds (the <br />"Bonds"); and <br />WHEREAS, pursuant to an Agreement dated as of <br />January 3, 1980 by and between the City and the Agency (the <br />"Agreement"), the Agency agreed to pay tax increment from its <br />Cooley Ranch Redevelopment Project No. 4 to the City to be <br />applied as a credit against the assessments for three issues of <br />bonds issued by the City for Assessment District Nos. 76-1, 78-1 <br />and 78-2 (collectively, the "Assessment Bonds"); and <br />WHEREAS, pursuant to the above resolution, a portion <br />of the proceeds of the Bonds shall be used to make a Prepayment <br />under the Agreement in an amount sufficient to refund the <br />Assessment Bonds; and <br />WHEREAS, the City desires and has determined that it <br />is in the best interest of the City and the residents of the <br />City to refund the Assessment Bonds and redeem such Assessment <br />Bonds in accordance with their terms and the laws of the State <br />of California on the earliest practicable date; and <br />WHEREAS, in order to effect the above refunding of the <br />Assessment Bonds there has been presented at this meeting a form <br />of Escrow Deposit and Trust Agreement; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />THE CITY OF COLTON as follows; <br />SECTION 1. Approval of Issuance of Bonds. The issu- <br />ance of $20,000,000 principal amount Redevelopment Agency for <br />the City of Colton Cooley Ranch Redevelopment Project No. 4 1986 <br />Tax Allocation Bonds, in order to aid in the financing of the <br />Cooley Ranch Redevelopment Project and for other purposes <br />-2- <br />