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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 />WHEREAS, the Agency has previously executed a note <br />dated June 30, 1993, in the amount of $5,975,000 in connection <br />with the purchase by the Agency of certain real property (the <br />"Prior Obligation"); and <br />WHEREAS, the Agency desires to borrow money from the <br />Authority for the purpose of refinancing said Prior Obligation; <br />and <br />WHEREAS, the Authority proposes at this time to issue <br />its Colton Public Financing Authority Rancho Mediterrania Mobile <br />Home Estates Notes, Issue of 1993 (the "Notes") for the purpose <br />of providing funds to make a certain loan (the "Loan") to the <br />Agency in a total principal amount not to exceed $6,500,000 to <br />refinance the Prior Obligation of the Agency; and <br />WHEREAS, the Loan will be made by the Authority to the <br />Agency pursuant to that certain Loan Agreement which shall be <br />dated as of December 1, 1993 (the "Loan Agreement"), by and among <br />the Agency and the Authority, a form of which is presently on <br />file with the City Clerk; and <br />WHEREAS, pursuant to the Community Redevelopment Law, <br />the Agency has the power and authority to borrow moneys for the <br />purpose of funding redevelopment activities or refinancing prior <br />obligations of the Agency incurred therefor; and <br />WHEREAS, the City has duly considered such transaction <br />and documentation and desires at this time to approve said <br />transaction and documentation in the public interests of the <br />City. <br />- 2 - <br />