2003 RES R-03-03 - Laserfiche WebLink

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TAX ALLOCATION LOAN AGREEMENT THIS TAX ALLOCATION LOAN AGREEMENT, is made and entered into as of April 30, 2002, by and between the Redevelopment Agency for the City of Colton, a public body, corporate and politic duly organized and existing under the laws of the State of California (the `Borrower") and the CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK (the "CIEDB"), duly organized and validly existing pursuant to the Bergeson-Peace Infrastructure and Economic Development Bank Act, constituting Division 1 of Title 6.7 of the California Government Code (commencing at Section 63000 thereo fl as now in effect and as it may from time to time hereafter be amended (the "Act"). WITNESSETH: WHEREAS, the Borrower adopted a resolution authorizing a Loan from the CIEDB to purchase or construct a Project, as defined herein, and the Borrower hereby finds and determines that there will be significant public benefits accruing from such borrowing; WHEREAS, the CIEDB has authority under the Act to issue tax-exempt Bonds and pledge its rights under this Agreement to secure such Bonds, and Borrower acknowledges that the issuance of such Bonds impacts its rights and obligations as described herein, and Borrower hereby agrees to adhere to the requirements contained in this Loan Agreement necessary in order to maintain the tax-exempt status of the Bonds; and WHEREAS, all acts �and proceedings required by law necessary to make this Loan Agreement, when executed by the Borrower and the CIEDB, the valid, legal and binding obligation of the Borrower and the CIEDB, and to constitute this Loan Agreement a legal, valid, and binding agreement for the uses and purposes herein set forth in accordance with its terms, have been done and taken, and the execution of this Loan Agreement has been in all respects duly authorized; NOW, THEREFORE, in consideration of the premises and the mutual agreements herein contained, the parties hereto do hereby agree as follows: ARTICLE I DEFINITIONS SECTION 1.01. Definitions. Unless the context clearly otherwise requires, the capitalized terms in this Loan Agreement shall have the respective meanings set forth below. "Act" means the Bergeson-Peace Infrastructure and Economic Development Bank Act, constituting Division 1 of Title 6.7 of the California Government Code (commencing at Section 63000 thereo fl as now in effect and as it may from time to time hereafter be amended. "2002 Loan Special Fund" means the Cooley Ranch 2002 Loan Special Fund established and maintained by the Borrower pursuant to the Law into which the Borrower