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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 />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />WHEREAS, the Authority issued its $10,680,000 Colton <br />Public Financing Authority Revenue (Tax Allocation) Bonds, 1989 <br />Series A -(Capital implement Loans); and <br />WHEREAS, the Agency entered into a loan agreement with <br />the Authority in connection with the issuance by the Authority of <br />the 1989 Bonds; and <br />WHEREAS, in order to comply with certain limitations <br />contained in the Redevelopment Plan for the Santa Ana Project <br />(the "Redevelopment Plan") which prohibit the issuance of <br />additional Agency indebtedness after December 29, 1997, the <br />Agency desires to enter into that certain Loan Agreement dated as <br />of December 1, 1997 (the "Loan Agreement") with the Authority; <br />and <br />WHEREAS, at the request of the Agency, the Authority <br />proposes at this time to issue its $5,800,000 Colton Public <br />Financing Authority 1997 Bond Anticipation Notes (Santa Ana <br />Redevelopment Project Subordination Loan) (the "Notes") and loan <br />the proceeds thereof to the Agency pursuant to the Lean <br />Agreement; and <br />WHEREAS, the proceeds of the Notes shall be held in <br />escrow with a trustee until prepayment of the loan; and <br />- 2 - <br />