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AGENDA REPORT <br />CITY OF COLTON <br />For City Council Meeting of <br />September 16, 1997 <br />September 10, 1997 <br />TO: MAYOR GAYTAN, CITY COUNCIL AND CITY MANAGER <br />FROM: Julie Hayward Biggs, City Atto e <br />SUBJECT: SBIAA Loan Extension and Amendment Approval <br />Attached is a resolution prepared on behalf of the City of Colton by the SBIAA <br />approving extension to December 31, 1997 of the $3,000,000 loan which originally was to fall <br />due on June 30, 1997. The provisions of this Resolution reaffirm the terms and condition of the <br />loan agreement entered into on October 1, 1997 by the SBIAA member entities which provide <br />for automatic expulsion from the SBIAA if the loan payment falls due and Colton is unable to <br />meet its obligation of $500,000 toward the total loan amount which is now due December 31, <br />1997 and which would otherwise have been due on September 30, 1997. It is hoped that the <br />SBIAA will be able to repay the loan from the County and San Bernardino without recourse to <br />the other SBIAA members. If that is not the case, however, demand on the City of Colton for <br />its share of the loan may made by the SBIAA. If the City is unable to contribute its share, it <br />will be deemed to be immediately expelled from the SBIAA. <br />Concurrence: <br />Len Wood, Interim City Manager <br />Item # 13 <br />