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1 <br />2 <br />3 <br />4 <br />5 <br />s <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14� <br />15 <br />16', <br />171 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />WHEREAS, said report demonstrates satisfaction of the conditions prescribed <br />I by Section 9525 of the Refunding Act to authorize this City Council to act upon said report <br />I without notice and hearing as otherwise required by the Refunding Act; and <br />WT-EREAS, said report has been considered by this City Council, which is fully <br />advised in the premises; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Colton, as follows: <br />Section 1. The foregoing recitals are true and correct, and this City Council <br />so finds and determines. <br />Section 2. This City Council hereby finds and determines that, as set forth <br />in said report, (a) each estimated annual installment of principal and interest on the <br />I reassessment (other than amounts added to such annual installments due to delinquencies in the <br />I I payment of the reassessments for the Prior Bonds) for the assessment district for which the <br />Prior Bonds were issued is less than the corresponding annual installment of principal and <br />interest on the portion of the original assessments being superseded and supplanted by the same <br />percentage for all subdivisions of land within such reassessment district; (b) the number of <br />years to maturity of the Refunding Bonds allocable to such assessment district for which the <br />Prior Bonds were issued is not more than the number of years to the last maturity of the Prior <br />Bonds for such assessment district; and (c) the principal amount of the reassessment (other than <br />amounts added to such principal amount due to delinquencies in the payment of the <br />assessments for the Prior Bonds) on each subdivision of land within such assessment district <br />for which the Prior Bonds were issued is less than the unpaid principal amount of the portion of <br />the original assessments being superseded and supplanted by the same percentage for each <br />subdivision of land within such assessment district. Accordingly, this City Council finds and <br />determines that all of the conditions in connection with the levy of reassessments and the <br />issuance of the Refunding Bonds specified in Section 9525 of the Refunding Act are and have <br />been duly satisfied and that this City Council may therefore take action upon said report <br />2 <br />