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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 />1311 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />used to make loans to any of its members to finance or refinance <br />obligations of the Agency; and <br />WHEREAS, the Agency has previously entered into a Loan <br />Agreement with the Authority in connection with the issuance by <br />the Authority of the $4,075,000 Colton Public Finance Authority, <br />Rancho Mediterrania Mobile Home Estates Notes, Issue of 1995 (the <br />"Prior Notes"); and <br />WHEREAS, the Prior Notes mature on November 1, 1996, <br />and the Agency desires to borrow money from the Authority in <br />order to pay the Prior Notes at maturity; 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 1996 (the "Notes") to provide a loan <br />to the Agency for said purposes in a total principal amount not <br />to exceed $4,500,000; and <br />WHEREAS, the loan to the Agency will be made by the <br />Authority pursuant to that certain Loan Agreement which shall be <br />dated as of August 1, 1996 (the "Loan Agreement"), by and between <br />-a- <br />