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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 />C O R R E C T E D <br />RESOLUTION NO. R-22-95 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON REQUESTING A LOAN FROM THE REDEVELOPMENT <br />AGENCY FOR THE CITY OF COLTON AND AUTHORIZING THE <br />CITY MANAGER TO EXECUTE LOAN DOCUMENTS <br />WHEREAS, the City Council for the City of Colton (the "City") <br />recognizes that the City has utilized funds invested by the <br />Redevelopment Agency for the City of Colton ("Agency") in the <br />amount of $1,911,077.25 which were available on March 6, 1995, and <br />invested in the Local Agency Investment Fund ("LAIF"), a pooled <br />investment fund held jointly by the Agency and the City; and <br />WHEREAS, it is the intent of the City and the Agency to <br />document the City's previous use of Agency funds as were invested <br />in the <br />LAIF and to <br />repay such funds <br />to the <br />Agency from those funds <br />which <br />are legally <br />available to the <br />City; <br />and <br />WHEREAS, the Agency desires to lend and the City seeks to <br />borrow funds from the Agency pursuant to the terms and conditions <br />of a formalized agreement restricting the source of any such loan <br />proceeds and providing for documentation of Agency disbursements <br />and the manner and method of repayment to the Agency; and <br />WHEREAS, the City and the Agency desire to enter into the Loan <br />Agreement attached hereto as Exhibit "A" and incorporated herein <br />by this reference (the "Loan Agreement") which authorizes the City <br />to use certain additional Agency funds; and <br />WHEREAS, the Loan Agreement provides that the Agency is <br />authorized to lend to the City a portion of the monies available <br />in the LAIF or any other investments of the Agency which are held <br />in reserve or constitute surplus tax increment funds; and <br />