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Regulations) will be recognized only if (i) the Reimbursable Expenditures were paid not earlier <br />than 60 days prior to the adoption of this Resolution and (ii) the allocation of proceeds of the <br />Bonds to such reimbursement is made not later than the later of (a) 18 months after the date of <br />payment of the Reimbursable Expenditures or (b) 18 months after the date upon which the <br />Project is placed in service or abandoned, but in no event more than three years after the date of <br />payment of the Reimbursable Expenditures. <br />SECTION 4. This Resolution shall take effect immediately upon its adoption. <br />THIS RESOLUTION is passed, approved and adopted by the Board of the Colton <br />Public Financing Authority at a regular meeting on this 22nd day of December, 2009. <br />CHAIRPERSON <br />Colton Public Financing Authority <br />ATTEST: <br />SECRETARY <br />Colton Public Financing Authority <br />1-23 COLTON 2007 - CITY COUNCIL RESOLUTION.doc <br />