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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-72-88 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />APPROVING A HOME MORTGAGE FINANCE PROGRAM IN COOPERATION <br />WITH THE COUNTY OF SAN BERNARDINO AND AUTHORIZING THE <br />MAYOR AND CITY CLERK TO EXECUTE FOR AND ON BEHALF OF THE <br />CITY A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF <br />SAN BERNARDINO AND THE CITY <br />WHEREAS, there is a shortage in the County of San <br />Bernardino (the "County") and in the City of Colton (the <br />"City") of decent, safe and sanitary housing, particularly of <br />housing affordable by persons in the lower end of the <br />purchasing spectrum, and a consequent need to encourage the <br />construction of homes affordable by such persons and otherwise <br />to increase the housing supply in the County and in the City <br />for such persons; and <br />WHEREAS, the Board of Supervisors of the County has <br />adopted an ordinance declaring its intent to engage in a home <br />mortgage finance program (the "Program") pursuant to Chapters <br />1-5 of Part 5 of Division 31 of the Health and Safety Code of <br />the State of California (the "Act") and to issue bonds <br />pursuant to the Act to provide funds for the Program; and <br />WHEREAS, the Council finds and determines that it is <br />in the best interest of the City to adopt the Program and to <br />consent to the operation of the Program by the County within <br />the geographic boundaries of the City pursuant to the Act. <br />NOW, THERFORE, BE IT RESOLVED, by the Council of <br />the City of Colton, as follows: <br />SECTION 1. Each of the foregoing recitals is true <br />and correct <br />SECTION 2. The City hereby adopts the Program for <br />