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s <br />It is recommended that the Agency prepay the loan in early 1998, by the issuance of <br />refunding bonds which would also refund the 1989 Bonds. In the event the Agency is <br />unable to issue refunding bonds, it will have sufficient funds to pay the Notes at <br />maturity with the escrowed funds. <br />RECOMMENDATION: <br />That the City, Colton Public Financing Authority, and the Agency adopt the <br />following resolutions: <br />1, Resolution of the City Council of the City of Colton, approving the <br />issuance of not to exceed $5,800,000 Colton Public Financing Authority <br />1997 Bond Anticipation Notes (Santa Ana Redevelopment Project <br />Subordination Loan), and the borrowing by the Redevelopment Agency <br />for the City of Colton of the proceeds therefrom pursuant to that <br />certain loan agreement. <br />2. Resolution of the Colton Public Financing Authority authorizing the <br />issuance of not to exceed $5,800,000 Colton Public Financing Authority <br />1997 Bond Anticipation Notes (Santa Ana Redevelopment Project <br />Subordination Loan), approving the form of legal documents related <br />thereto and authorizing and directing preparation, execution and <br />delivery of the final forms thereof. <br />3. Resolution of the Redevelopment Agency for the City of Colton <br />authorizing the borrowing of funds from the Colton Public Financing <br />Authority in a total aggregate principal amount of not to exceed <br />$5,800,000 for certain redevelopment projects within the Santa Ana <br />Project Area. <br />