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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 />23 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-37-98 <br />RESOLUTION OF THE CITY OF COLTON AUTHORIZING AND <br />APPROVING THE BORROWING OF FUNDS FOR FISCAL YEAR 1998- <br />1999; THE ENTERING INTO AN AMENDED AND RESTATED JOINT <br />EXERCISE OF POWERS AGREEMENT; THE ISSUANCE AND SALE OF <br />A 1998-1999 TAX AND REVENUE ANTICIPATION NOTE THEREFOR <br />AND PARTICIPATION IN THE CALIFORNIA COMMUNITIES CASH <br />FLOW FINANCING PROGRAM <br />WHEREAS, local agencies are authorized by Section 53850 to 53858, both inclusive, of <br />the Government Code of the State of California (the "Act") (being Article 7.6, Chapter 4, Part 1, <br />Division 2, Title 5 of the Government Code) to borrow money by the issuance of temporary <br />notes; <br />WHEREAS, the legislative body (the "Legislative Body') of the local agency specified in <br />Section 25 hereof (the "Local Agency') has determined that a sum (the "Principal Amount"), <br />not to exceed the Maximum Amount of Borrowing specified in Section 25 hereof, which <br />Principal Amount is to be confirmed and set in the Pricing Confirmation (as defined in Section 4 <br />hereof), is needed for the requirements of the Local Agency, to satisfy obligations of the Local <br />Agency, and that it is necessary that said Principal Amount be borrowed for such purpose at <br />this time by the issuance of a note therefor in anticipation of the receipt of taxes, income, <br />revenue, cash receipts and other moneys to be received by the Local Agency for the general <br />fund of the Local Agency attributable to its fiscal year ending June 30, 1999 ("Fiscal Year 1998- <br />1999"); <br />WHEREAS, the Local Agency hereby determines to borrow, for the, purposes set forth <br />above, the Principal Amount by the issuance of the Note (as hereinafter defined); <br />WHEREAS, it appears, and this Legislative Body hereby finds and determines, that the <br />'rincipal Amount, when added to the interest payable thereon, does not exceed eighty-five <br />)ercent (85%) of the estimated amount of the uncollected taxes, income, revenue (including, <br />)ut not limited to, revenue from the state and federal governments), cash receipts and other <br />1 <br />