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WHEREAS, pursuant to the terms of the ballot measure <br />approved by the shareholders of the James Sullivan Mutual Water <br />Company, this City Council is required to determine annually, by <br />resolution, the amount of tax which shall be levied each year for <br />a period not to exceed 35 years to repay principal and interest <br />for the principal amount of the loan; and <br />WHEREAS, it is the desire of this City Council to hereby <br />establish a date by which each shareholder of the James Sullivan <br />Mutual Water Company may pay in full his or her proportionate <br />share of the principal amount of the loan; <br />NOW, THEREFORE, be it resolved by the City Council by <br />the City of Colton as follows: <br />Section 1. Based upon a total loan amount of $370,800 <br />and the ninety-one shares of James Sullivan Mutual Water Company <br />stock outstanding, the City has determined that the amount of tax <br />per share required to pay the principal amount of the loan is <br />$4,074.73. <br />Section 2. Each shareholder of the James Sullivan <br />Mutual Water Company may, by August 5, 1988, pay in full to the <br />City of Colton his or her proportionate share of the principal <br />amount of the loan used to reconstruct the water facilities of the <br />Company. In the event such payment is made by August 5, 1988, no <br />further tax for Improvement District "A" shall be levied upon the <br />paying shareholder nor shall that shareholder have any liability <br />or obligation for repayment of the loan used to reconstruct the <br />-2- <br />