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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 />Association, as trustee (the "Trustee"), the Trustee has agreed to execute and deliver not to <br />exceed $3,000,000 aggregate principal amount of 1998 Refunding Certificates of Participation <br />(Corporation Yard Project), each evidencing a direct, undivided fractional interest in the lease <br />payments to be paid by the City under the Lease Agreement (the "Certificates"); and <br />WHEREAS, the City Council wishes at this time to authorize and approve the <br />delivery and sale of the Certificates and the execution of related documents and actions, all in <br />furtherance of the public purposes of the City; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Colton as <br />follows: <br />Section 1. Findings and Determinations. The City Council hereby finds and <br />determines that the delivery of the Certificates and the participation by the Authority in the <br />financing transaction will result in savings in effective interest rates, bond underwriting costs <br />and bond issuance costs and thereby result in significant public benefits to the City. <br />Section 2. Approval of Financing Plan and Related Documents. The City <br />Council hereby approves the financing plan outlined above for the advance refunding of the <br />1988 Certificates. To that end, the City Council hereby approves each of the following <br />financing documents in substantially the respective forms on file with the City Clerk together <br />with any changes therein or additions thereto deemed advisable by the City Manager, whose <br />execution thereof shall be conclusive evidence of such approval: <br />-2- <br />