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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 />which public hearing interested individuals were given a reason- <br />able opportunity to express their views on the proposed issuance <br />of the Bonds; and <br />WHEREAS, upon redemption of the 1984 Bonds on July 1, <br />1987, moneys remaining in the Purchase Account established under <br />the 1984 Resolution will be transferred to the Program Fund <br />established with respect to the Bonds for the purpose of financ- <br />ing the acquisition of home mortgages pursuant to the Act; <br />WHEREAS, there has been presented at this meeting a <br />form of Trust Indenture, Origination and Servicing Agreement, <br />and Remarketing Agreement, all relating to the Bonds; and <br />WHEREAS, there has been presented to this meeting a <br />form of purchase contract from Miller & Schroeder Financial, <br />Inc. (the "Underwriter") pursuant to which the Underwriter has <br />offered to purchase the Bonds on the terms and conditions set <br />forth therein; and <br />WHEREAS, all acts, conditions and things required by <br />the Act, and by all other laws of the State of California, to <br />exist, to have happened and to have been performed precedent to <br />and in connection with the issuance of the aforesaid Bonds <br />exist, have happened, and have been performed in regular and due <br />time, form and manner as required by law, and the City is now <br />fully empowered, pursuant to each and every requirement of law, <br />to issue such revenue bonds for the purpose, in the manner and <br />upon the terms herein provided; <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 />-3- <br />