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4 <br />5 <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 />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-27-99 <br />RESOLUTION OF THE CITY OF COLTON, CALIFORNIA, <br />APPROVING A REDEVELOPMENT COOPERATION <br />AGREEMENT BY AND BETWEEN THE <br />REDEVELOPMENT AGENCY FOR THE CITY OF COLTON <br />AND THE CITY OF COLTON <br />WHEREAS, the City of Colton, California (the "City") is a municipal <br />corporation and a charter city duly created and existing pursuant to the Constitution <br />and the laws of the State of California; and <br />WHEREAS, the Redevelopment Agency for the City of Colton (the <br />"Agency"), is a redevelopment agency, a public body, corporate and politic of the <br />State of California, organized and existing pursuant to the Community <br />Redevelopment Law (Part 1 of Division 24) commencing with Section 33000 of <br />the Health and Safety Code of the State of California (the "Act"); and <br />WHEREAS, the Agency has previously caused the adoption of various <br />Redevelopment Plans for portions of the City and has established a low and <br />moderate income housing set-aside fund as required by law; and <br />WHEREAS, the various redevelopment plans authorize the financing of <br />redevelopment activities with debt secured by revenues available to the Agency <br />from a variety of sources; and <br />WHEREAS, the Agency desires to pledge its Mortgage Assistance Portfolio <br />and other Agency resources (the "Pledged Agency Resources") to the Community <br />Reinvestment Fund (the "CRF") for the purpose of securing a loan to finance <br />various housing and economic development activities; and <br />1 <br />