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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, it has been proposed that FARECal sell, and that the City purchase, the City's <br />Capital Improvements Program pursuant to an Installment Sale Agreement, dated as of April 1, <br />1997, by and between the City and FARECal (the "Installment Sale Agreement'), the proposed <br />form of which has been presented to this City Council, pursuant to which the City will agree to <br />make installment purchase payments (the "Installment Payments') in connection therewith; and <br />WHEREAS, FARECal and the City have determined that it would be in the best interests of <br />FARECal, the City and the citizens of the City to authorize, pursuant to the Trust Agreement, dated <br />as of April 1, 1997 (the "Trust Agreement'), the proposed form of which has been presented to this <br />City Council; for the purpose of raising funds necessary for FARECal to acquire and sell to the City <br />the City's Capital improvement Program, the execution, authentication and delivery of its <br />certificates of participation (the "Certificates") in the aggregate principal amount of not to exceed <br />$75,000 under the provisions of Article 1 (commencing with Section 6500) of Chapter 5 of Division <br />7 of Title 1 of the Government Code of the State of California (the "Act"); and <br />WHEREAS, it is necessary, in connection with the sale of Certificates in order to assist the <br />underwriters in complying with Rule 15c2-12 adopted by the Securities and Exchange Commission, <br />to enter into a Continuing Disclosure Agreement with the underwriters (the "Continuing Disclosure <br />Agreement") with respect to certain information regarding the City; and <br />WHEREAS, the City has determined that it is in the best interest of the City and the citizens <br />of the City to approve certain documents . mentioned above and authorize and approve the <br />transactions contemplated thereby. <br />NOW, THEREFORE, BE IT RESOLVED, the City Council of the City of Colton, <br />California, does hereby resolve, determine and order as follows: <br />