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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />211 <br />23 <br />24 <br />25 <br />26 <br />27 <br />RESOLUTION NO. R-116-96 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON, APPROVING THE ISSUANCE OF NOT TO EXCEED <br />$4,500,000 COLTON PUBLIC FINANCING AUTHORITY <br />RANCHO MEDITERRANIA MOBILE HOME ESTATES REFUNDING <br />NOTES, ISSUE OF 1996, THE BORROWING BY THE <br />REDEVELOPMENT AGENCY FOR THE CITY OF COLTON OF <br />THE PROCEEDS THEREFROM PURSUANT TO THAT CERTAIN <br />LOAN AGREEMENT AND THE GRANTING OF CDBG FUNDS TO <br />THE AGENCY FOR REHABILITATION OF THE PROJECT <br />WHEREAS, the City of Colton (the "City") is a public <br />body organized and existing pursuant to and under the laws of the <br />State of California; and <br />WHEREAS, the Redevelopment Agency for the City of <br />Colton (the "Agency") is a public body, corporate and politic <br />duly created and existing pursuant to the Community Redevelopment <br />Law (Part 1 of Division 24, commencing with Section 33000) of the <br />Health and Safety Code of the State of California (the "Community <br />Redevelopment Law"); and <br />WHEREAS, the City and the Agency have heretofore <br />entered into a Joint Exercise of Powers Agreement establishing <br />the Colton Public Financing Authority (the "Authority") for the <br />purposes of, among other things, issuing bonds or notes to be <br />- 1 - <br />