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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 />KRU3z�22 <br />WHEREAS, the City Council wishes to determine the manner <br />in which it will implement the Rate and Method of Apportionment; <br />and <br />WHEREAS, the City Council has previously approved the <br />execution of and has executed a"Funding, Construction and Acqui- <br />sition Agreement Relating to Community Facilities District No. <br />90-1 (Mount Vernon Corridor) of the City of Colton between the <br />City of Colton and Lebanoff-McKnight IIZ," dated as of <br />December 15, 1990 (the "Funding Agreement"); and <br />WHEREAS, the City wishes, along with Lebanoff- <br />McKnight III (the "Developer") to waive certain requirements set <br />forth in the Funding Agreement; <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED BY <br />THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA, AS FOLLOWS: <br />Section 1. Recitals. This City Council finds and <br />determines that the foregoing recitals are true and correct. <br />Section 2. Implementation of Rate and Method of Appor- <br />tionment. The City Council hereby determines that the term "Tax <br />Rate Area's proportionate share," as used in the definition of <br />"Annual Costs," as set forth in the Rate and Method of Apportion- <br />ment shall be equal to one hundred percent (100�) of the sum of <br />(i) annual Debt Service on the Bonds (as defined in the Rate and <br />Method of Apportionment); (ii) Annual Administrative Expenses of <br />the City (as defined in the Administration Agreement by and <br />between the City and Security Pacific National Bank, dated as of <br />December 15, 1990 (the "Administration Agreement")); (iii) the <br />amount, if any, necessary to replenish the Reserve Fund on the <br />�� <br />