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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 />NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF COLTON, <br />AS FOLLOWS: <br />SECTION 1. Approval of the Authority Notes. The <br />City hereby approves the issuance by the Authority of its Notes <br />in a total principal amount of not to exceed $6,500,000 for the <br />purpose of providing funds to make a certain loan (the "Loan") to <br />the Agency in a total principal amount of not to exceed <br />$6,500,000 to refinance the Prior Obligation. The City hereby <br />further approves the Loan to the Agency and the borrowing of <br />funds by the Agency for the purpose of refinancing the Prior <br />Obligation, pursuant to the terms of the Loan Agreement to be <br />entered into by the Agency. <br />SECTION 2. Official Actions. The Mayor, the City <br />Clerk, and any and all other officers of the City are hereby <br />authorized and directed, for and in the name and on behalf of the <br />City, to do any and all things and to take any and all actions, <br />including execution and delivery of any and all assignments, <br />certificates, requisitions, agreements, notices, consents, <br />warrants and other documents which they, or any of them, may deem <br />necessary or advisable in connection with the execution and <br />delivery of the Notes and the borrowing by the Agency of the <br />proceeds derived therefrom pursuant to the Loan Agreement and any <br />related closing documents, as required, and the consummation of <br />the transaction described herein and therein. <br />�s <br />