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10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />2111 <br />2411 25 <br />oil <br />WHEREAS, in order to assist the New Owner, the City <br />proposes to execute, together with the New Owner and First Trust <br />of California, National Association an Agreement For Assumption <br />of Regulatory Agreement and Declaration of Restrictive Covenants <br />("Agreement"), an Agreement for Assumption of Project Loan <br />Documents ("Project Loan Documents Agreement") and a Second <br />Supplemental Trust Indenture (""Supplemental Trust Indenture"), <br />and <br />WHEREAS, the City has considered the terms of the <br />transaction as contemplated herein and finds that approval of the <br />sale of the Project at this time is in the best interests of the <br />City. <br />NOW, <br />DOES HEREBY <br />hereby finds ar <br />outstanding Pri <br />to the City anc <br />for low income <br />THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON <br />OLVE, DETERMINE AND ORDER AS FOLLOWS: <br />on 1. Findinas and Determinations. The City <br />I determines that the sale of the Project and the <br />)r Bonds will provide substantial public benefits <br />its residents by the provision of certain housing <br />residents of the City. <br />Sect on 2. Sale of -Prolect. The City hereby <br />authorizes the sale and transfer of the Project and the <br />outstanding Prior Bonds pursuant to the Agreement, Project Loan <br />2 <br />