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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 />RESOLUTION NO. R-159-86 <br />A RESOLUTION DECLARING THE INTENTION OF <br />THE CITY OF COLTON TO ESTABLISH A HOME <br />FINANCING PROGRAM AND APPROVING THE FIL- <br />ING OF AN APPLICATION WITH THE MORTGAGE <br />BOND ALLOCATION COMMITTEE <br />WHEREAS, the City of Colton (the "City"), under <br />provisions of Part Five of Division 31 of the Health and <br />Safety Code of the State of California (commencing with <br />Section 52000), hereinafter referred to as the "Act," is <br />legally authorized to issue its bonds and to use the pro- <br />ceeds thereof to defray the costs of acquiring home mort- <br />gages or making loans to lending institutions in order to <br />enable them to make home mortgages; and <br />WHEREAS, the Redevelopment Agency for the City of <br />Colton (the "Agency") is authorized pursuant to Section <br />33750 and following of the Health and Safety Code of the <br />State of California (the "Law") to purchase long-term, low- <br />interest loans through qualified mortgage lenders, to fin- <br />ance residential construction in redevelopment project areas <br />of the Agency in order to encourage investment and upgrading <br />of such areas, and may issue bonds for the purpose of finan- <br />cing such residential construction as authorized by the Law; <br />and <br />WHEREAS, there presently exists within the City a <br />shortage of decent, safe and sanitary housing which is <br />affordable to many persons; and <br />WHEREAS, the City wishes to declare its intention <br />to establish a home financing program under the Act and <br />