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RESOLUTION NO. R-38-88 <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON ESTABLISHING A DATE FOR <br />PAYMENT IN FULL OF SPECIAL TAXES FOR <br />CITY OF COLTON IMPROVEMENT DISTRICT "A" <br />WHEREAS, the City Council of the City of Colton ("this <br />City Council") has undertaken proceedings for the formation of an <br />Improvement District for the purpose of establishing a fiscal <br />structure to repay the loan associated with the reconstruction <br />of water facilities of the James Sullivan Mutual Water Company <br />("Improvement District 'A'"); and <br />WHEREAS, on February 9th, 1988, a special municipal <br />election was held by this City Council and conducted in accordance <br />with the California Elections Code to determine whether the City of <br />Colton should be authorized to levy a special tax upon all taxable <br />real property within Improvement District "A" in an amount not to <br />exceed $12,748.78 per share of James Sullivan Mutual Water Company <br />stock held by the owners of such parcels of taxable real property <br />on February 9th, 1988; and <br />WHEREAS, the City Clerk of the City of Colton has <br />certified the results of the election and determined that a <br />majority of the shareholders of the James Sullivan Mutual Water <br />Company voted in favor of the measure authorizing the City of <br />Colton to levy a special tax within Improvement District "A;" and <br />