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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 />Facilities District is hereby authorized to issue from time to <br />time, as determined by the City Council bonds for the benefit of <br />the Community Facilities District for the purposes set forth in <br />Proposition A and to take the necessary steps to levy the special <br />tax authorized by Proposition B; and <br />WHEREAS, the Community Facilities District is now <br />authorized to issue bonds in one or more series, pursuant to the <br />Act, in an aggregate principal amount not to exceed $10,000,000; <br />and <br />WHEREAS, the City Council hereby desires to proceed to <br />issue the bonds in an aggregate principal amount of approximately <br />$6,500,000 designated as the "City of Colton Community Facilities <br />District No. 90-1 (Mount Vernon Corridor) Special Tax Bonds, Series <br />1990" (the "Bonds"); and <br />WHEREAS, the City Council has determined in accordance <br />with Government Code Section 53360.4 that a negotiated sale of the <br />Bonds to Chilton & O'Connor, Inc. (the "Underwriter") in accordance <br />with the terms and conditions of the bond purchase agreement (the <br />"Bond Purchase Agreement") approved as to form by the City Council <br />will result in a lower overall cost to the Community Facilities <br />District than a public sale; <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY <br />THE CITY COUNCIL OF THE CITY OF COLTON, COUNTY OF SAN BERNARDINO, <br />STATE OF CALIFORNIA, AS FOLLOWS: <br />Section 1. Recitals. Each of the above recitals is true <br />and correct. <br />-2- <br />