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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 />and federal laws as they presently exist, provided that the <br />Project receives all necessary local government approvals of <br />the City: <br />WHEREAS, this City Council has received a request <br />from the Developer to amend the Inducement Resolution to <br />reflect an increase in the number of units in the Project to <br />512 units as a result of the acquisition of an additional <br />9.2 acres for the Project and to increase the authorized <br />maximum amount of obligations to be issued to an amount not <br />to exceed $24,000,000; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council <br />of the City of Colton as follows: <br />Section 1. Amendments to Resolution No. 4669. The <br />Inducement Resolution is amended as follows: <br />(a) All references in the Inducement Resolution to <br />the number of units in the Project shall be amended to <br />provide that the number of units is 512 units rather than <br />336 units. <br />(b) Section 2 of the Inducement Resolution is <br />amended to provide that the maximum amount of obligations <br />authorized to be issued pursuant to the Inducement <br />Resolution shall be an amount not to exceed $24,000,000 <br />rather than $14,000,000. <br />Section 2. Official Action. It is intended that <br />this Resolution shall constitute "some other similar <br />official action" toward the issuance of indebtedness within <br />the meaning of Section 103 of the Internal Revenue Code of <br />1954, as amended, and the regulations thereunder. <br />-2- <br />