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WHEREAS, the City has considered the terms of the loan transaction described herein and <br />desires at this time to approve the terms of said loan transaction in the public interest of the City. <br />NOW, THEREFORE, THE CITY OF COLTON DOES HEREBY RESOLVE AS <br />FOLLOWS: <br />Section 1. The foregoing recitals are true and correct and are incorporated herein by <br />this reference. <br />Section 2. The City approves making a loan to the Agency under the terms outlined in <br />the attached promissory note. <br />Section 3. The City approves making a budget adjustment to the Traffic Impact Fee <br />fund interest income account 249-5601 in the amount of $12,457.70 <br />Section 4. The findings and determinations herein shall be final and conclusive. This <br />Resolution shall take effect upon the date of its adoption. <br />PASSED, APPROVED and ADOPTED this 18th day of September 2007. <br />ATTEST: <br />CAROLINA P. PADILLA <br />City Clerk <br />KELLY J. CHASTAIN <br />Mayor <br />Page 2 of 2 <br />