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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 use by the City of such Agency funds, in <br />accordance with Health and Safety Code Section 33603, are those <br />funds held in reserve or are surplus tax increment revenues of the <br />Agency which the Agency does not require for immediate <br />disbursement; and <br />WHEREAS, the City shall not receive any additional funds <br />pursuant to the Loan Agreement from the Agency; and <br />WHEREAS, the City shall not utilize any pooled Agency funds <br />invested in the LAIF unless the City seeks an additional loan <br />agreement or an amendment to the Loan Agreement. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF COLTON, AS FOLLOWS: <br />Section 1. The City Council hereby ratifies the Recitals to <br />this Resolution as written above as being true and correct in all <br />respects. <br />Section 2. The City Council hereby requests a loan from the <br />Agency of monies invested in the LAIF and any such other <br />investments of Agency to be repaid upon such terms and conditions <br />set forth in the Loan Agreement (Exhibit "A"), which shall be and <br />is hereby approved, and the City Manager is hereby authorized to <br />execute same for the City Council of the City of Colton. <br />RESOLVED, APPROVED and ADOPTED this 28th day of March, 1995. <br />ATTEST: <br />Helen Ramos, City Clerk <br />Gd'bi,4e VrrFulp, KIyot <br />-2- <br />