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1 <br />2 <br />3 <br />4 <br />5 <br />RESOLUTION NO. tR-42-06 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />APPROVING A LOAN AGREEMENT BY AND BETWEEN THE CITY OF <br />COLTON AND THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON <br />TO FINANCE ADMINISTRATIVE AND OVERHEAD EXPENSES OF THE <br />AGENCY. <br />WHEREAS, the City of Colton, California (the "City") is a municipal corporation duly <br />created and existing pursuant to the constitutional laws of the State of California; and <br />WHEREAS, the Redevelopment Agency for the City of Colton (the "Agency") is a <br />11 I public body, corporate and politic of the State of California, organized and existing pursuant to <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 />California Health and Safety Code Sections 33000, et seq.; and <br />WHEREAS, the City and the Agency are authorized, pursuant to Health and Safety <br />Code Section 33610 and the general laws of the State of California, to enter into a loan <br />agreement for the City to financially assist the Agency with administrative and overhead <br />expenses; and <br />WHEREAS, in order to meet its administrative and overhead expenses relating to its <br />redevelopment activities, the Agency requires financial assistance from the City in the form of <br />a revolving credit line loan; and <br />WHEREAS, the City and the Agency desire to provide such a loan to the Agency on <br />the terms set forth in the Loan Agreement attached to this Resolution as Exhibit A (the "Loan <br />Agreement"); and <br />WHEREAS, the City has considered the terms of the Loan Agreement and desires, at <br />this time, to approve the terms of the Loan Agreement in the public interest of the City. <br />