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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 />RESOLUTION NO. R-94-98 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />AUTHORIZING DELIVERY AND SALE OF NOT TO EXCEED <br />$3,000,000 CERTIFICATES OF PARTICIPATION FOR THE PURPOSE <br />OF REFUNDING 1988 CERTIFICATES OF PARTICIPATION, AND <br />APPROVING RELATED DOCUMENTS AND ACTIONS <br />WHEREAS, the City of Colton (the "City") has previously financed the acquisition <br />and construction of various municipal facilities, consisting generally of improvements to the <br />corporation yard of the City (the "Project"), and has raised the necessary funds to construct <br />the Project from the proceeds of the Certificates of Participation (Corporation Yard Project) <br />dated as of November 1, 1988 and delivered in the original principal amount of $2,455,000 <br />(the "1988 Certificates"), which represent proportionate interests of the owners thereof in <br />lease payments to be made by the City under a Lease Agreement dated as of November 1, <br />1988 (the "1988 Lease"), by and between the Colton Public Improvement Corporation as <br />lessor and the City as lessee of the Project; and <br />WHEREAS, the City has determined that favorable financial conditions enable it to <br />refinance its obligations under the 1988 Lease at this time by providing for the advance <br />refunding of the 1988 Certificates, and in order to provide funds for such purpose the City <br />has agreed to lease the Project to the Colton Public Financing Authority (the "Authority") <br />pursuant to a Site Lease dated as of October 1, 1998, and to lease the Project back from the <br />Authority pursuant to a Lease Agreement dated as of October 1, 1998 (the "Lease <br />Agreement"), and pursuant to a Trust Agreement dated as of October 1, 1998 (the "Trust <br />Agreement") by and among the City, the Authority and U.S. Bank Trust National <br />