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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-26-00 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />MAKING CERTAIN FINDINGS UNDER HEALTH AND SAFETY CODE <br />SECTION 33445 CONSENTING TO THE PAYMENT BY THE <br />REDEVELOPMENT AGENCY FOR THE CITY OF COLTON OF TAX <br />INCREMENT FUNDS FOR THE ACQUISITION, INSTALLATION AND <br />CONSTRUCTION OF PUBLIC IMPROVEMENTS WHICH BENEFIT THE MT. <br />VERNON CORRIDOR REDEVELOPMENT PROJECT (1999 TAX ALLOCATION <br />REVENUE BONDS) <br />WHEREAS, the Redevelopment Agency for the City of Colton <br />( the "Agency") may with the consent of the City Council of the <br />City of Colton (the 'City") pay for all or a part of the cost of <br />the installation and construction of any building, facility, <br />structure or other improvement which is publicly owned either <br />within or outside of the redevelopment project area of the Mt. <br />Vernon Corridor Redevelopment Project (the "Project Area") as set <br />forth in Health and Safety Code Section 33445; and <br />WHEREAS, the Agency issued Mt. Vernon Corridor Redevelopment <br />Project 1999 Tax Allocation Bonds (the "Bonds") in an aggregate <br />amount of $ 5,290,000 pursuant to a Trust Indenture dated as of <br />September 1, 2000; and <br />WHEREAS, the Bond proceeds may be used for funding a reserve <br />for the Bonds, pay for the cost of issuing the Bonds, refunding <br />outstanding obligations of the Agency, and financing programs, <br />projects and redevelopment activities in the Mt. Vernon Corridor <br />Project; and <br />WHEREAS, the Agency has requested that the citizen advisory <br />committee for the Mt. Vernon Corridor Project provide its <br />recommendation to the Agency for the prioritization of <br />installation of certain program, activities, and public <br />COLT/0001/DOC/296 <br />11/18/99 1:15 jmw <br />- 1 - <br />