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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />F <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, this City Council is the applicable govern- <br />mental unit to conduct said public hearing for purposes of Sec- <br />tion 147(f) of the Internal Revenue Code of 1986, 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 147(f) <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 Financing. This City Council <br />hereby approves the financing and refinancing of a portion of <br />the Project and for other purposes related thereto, all of which <br />constitute a "redevelopment activity" as such term is defined in <br />the Act, by means of the issuance of $5,000,000 principal amount <br />of the Agency's Santa Ana River Redevelopment Project 1987 Tax <br />Allocation and Refunding Bonds pursuant to provisions of the <br />Act, all subject to the requirements of the Act. This approval <br />is intended to satisfy the requirements of Health and Safety <br />Code Section 33640 and Section 147(f) of the Code. <br />-2- <br />