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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-79-87 <br />RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON APPROVING THE ISSUANCE OF <br />ITS NOT TO EXCEED $23,300,000 PRINCIPAL <br />AMOUNT SINGLE-FAMILY RESIDENTIAL MORT- <br />GAGE REVENUE REFUNDING BONDS (GNMA <br />MORTGAGE-BACKED SECURITIES PROGRAM) 1987 <br />SERIES A, A PURCHASE CONTRACT, A REMAR- <br />KETING AGREEMENT, A TRUST INDENTURE, AND <br />A FORM OF AN ORIGINATION AND SERVICING <br />AGREEMENT, AUTHORIZING THE CITY MANAGER <br />TO SET THE FINAL TERMS OF THE SALE OF <br />THE BONDS, RETAINING BOND COUNSEL AND <br />MAKING CERTAIN DETERMINATIONS RELATING <br />THERETO. <br />WHEREAS, the City of Colton (the "City") is a munici- <br />pal corporation, a public body corporate and politic, duly <br />created, established and authorized to transact business and <br />exercise its powers, all under and pursuant to the laws of the <br />State of California; and <br />WHEREAS, the City, pursuant to Chapters 1 through 5 <br />(commencing with Section 52000) of Part Five of Division 31 of <br />the Health and Safety Code of the State of California (the <br />"Act") is legally authorized to issue its bonds and to use the <br />proceeds thereof to defray the costs of acquiring home mortgages <br />or making loans to lending institutions in order to enable them <br />to make home mortgages; and <br />WHEREAS, there presently exists within the City a <br />shortage of decent, safe and sanitary housing which is afford- <br />able to many persons; and <br />WHEREAS, the City established a home financing program <br />(the "Program") under the Act pursuant to Ordinance No. 1663 <br />adopted May 23, 1984, and wishes further to declare its inten- <br />tion to authorize an issue of its mortgage revenue refunding <br />