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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-120-93 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF COLTON, APPROVING THE ISSUANCE OF NOT TO <br />EXCEED $6,500,000 COLTON PUBLIC FINANCING <br />AUTHORITY RANCHO MEDITERRANIA MOBILE HOME <br />ESTATES NOTES, ISSUE OF 1993 AND THE <br />BORROWING BY THE REDEVELOPMENT AGENCY FOR <br />THE CITY OF COLTON OF THE PROCEEDS THEREFROM <br />PURSUANT TO THAT CERTAIN LOAN AGREEMENT <br />WHEREAS, the City of Colton (the "City") is a public <br />body and charter city organized and existing pursuant to and <br />under the laws of the State of California; and <br />WHEREAS, the Redevelopment Agency for the City of <br />Colton (the "Agency") is a redevelopment agency (a public body, <br />corporate and politic) duly created and existing pursuant to the <br />Community Redevelopment Law (Part 1 of Division 24, commencing <br />with Section 33000) of the Health and Safety Code of the State of <br />California (the "Community Redevelopment Law"); and <br />WHEREAS, the City and the Agency have heretofore <br />entered into a Joint Exercise of Powers Agreement establishing <br />the Colton Public Financing Authority (the "Authority") for the <br />purposes, among other things, of issuing bonds or notes to be <br />used to make loans to any of its members to finance or refinance <br />loans or public capital improvements; and <br />- 1 - <br />