1998 RES R-101-98 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. R-101-98 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE FINANCING OF WATER SYSTEM IMPROVEMENTS, APPROVING ISSUANCE AND SALE OF BONDS BY THE COLTON PUBLIC FINANCING AUTHORITY, APPROVING AN OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS WHEREAS, the Colton Public Financing Authority (the "Authority') is a joint exercise of powers authority formed pursuant to a Joint Exercise of Powers Agreement (the "JPA Agreement) by and between the City of Colton (the "City') and the Redevelopment Agency for the City of Colton and is authorized under the JPA Agreement and under the laws of the State of California to finance the acquisition and construction of public capital improvements for the City; and WHEREAS, the City has requested that the Authority issue its revenue bonds for the purpose of providing funds to enable the City to finance certain improvements to the water system of the City (the"Project"); and WHEREAS, to provide such financing for the Project the Authority proposes to issue its 1998 Water Revenue Bonds (the"Bonds") in an aggregate original principal amount of not to exceed $11,500,000 under the provisions of Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Titre 1 of the Government Code of the State of California (the "Act"), which are proposed to be payable from installment payments to be paid to the Authority by the City pursuant to an installment purchase agreement between the Authority and the City and relating to the Project (the "Installment Purchase Agreement'); and WHEREAS, the proceeds of the Bonds will be applied by the Authority and the City for the acquisition, construction and installation of the Project pursuant to an agency agreement between the Authority and the City (the "Agency Agreement'); and I