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1 <br />2 <br />3 <br />4 <br />5 <br />J. <br />c <br />R <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, as a condition of said loan the CRF has required additional <br />security, including a pledge from the City that it will contribute funds should the <br />Pledged Agency Resources be insufficient to make the required monthly debt <br />service payments; and <br />WHEREAS, the City is generally prohibited from making such contractual <br />long-term pledges under the Constitution of the State of California; and <br />WHEREAS, the Agency and the City desire to enter into the <br />Redevelopment Cooperation Loan Agreement (the "Agreement") attached hereto <br />as Exhibit A which provides for an annual appropriation from the City to the <br />Agency as required to make the necessary debt service payments on the loan from <br />CRS'; and <br />WHEREAS, any such contributions from the City would be deemed a loan <br />repayable with interest by the Agency in accordance with the terms of the <br />Agreement. <br />NOW, THEREFORE, THE CITY COUNCIL FOR THE CITY OF <br />COLTON DOES HEREBY RESOLVE AS FOLLOWS: <br />Section 1. The foregoing recitals are true and correct and are <br />incorporated herein by this reference. <br />Section 2. The City hereby finds and determines that the Agreement is <br />authorized by law and that it constitutes a valid and binding agreement between the <br />parties. <br />2 <br />