1999 AGN SEP 07 I02 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. R-83-99 RESOLUTION OF THE CITY OF COLTON APPROVING THE ISSUANCE BY THE REDEVELOPMENT AGENCY FOR THE CITY OF COLTON OF ITS MOUNT VERNON CORRIDOR REDEVELOPMENT PROJECT 1999 TAX ALLOCATION BONDS AND ITS WEST VALLEY REDEVELOPMENT PROJECT 1999 TAX ALLOCATION BONDS WHEREAS, the Redevelopment Agency for the City of Colton (the "Agency") is authorized pursuant to Part 1 of Division 24 of the California Health and Safety Code (commencing with Section 33000) (the "Act') to issue bonds for any of its corporate purposes; and WHEREAS, the Agency has indicated its intention to issue its not to exceed $5,750,000 aggregate principal amount Mount Vernon Corridor Redevelopment Project 1999 Tax Allocation Bonds (the "Mount Vernon Corridor Bonds") and its not to exceed $1,750,000 aggregate principal amount West Valley Redevelopment Project 1999 Tax Allocation Bonds (the "West Valley Bonds"); and WHEREAS, the Agency intends to loan up to $2,000,000 from the proceeds of the Mount Vernon Corridor Bonds to a nonprofit corporation or organization (the "Nonprofit Developer") qualified as an exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Tax Code") for the purpose of financing the cost of the possible acquisition by the Nonprofit Developer of up to 103 spaces in the Rancho Mediterranean Mobile Home Park Estates Project (the "Mobilehome Project') pursuant to a ground lease agreement; and WHEREAS, Section 147(f) of the Tax Code requires that prior to the issuance of the Mount Vernon Corridor Bonds, the proposed use of a portion of the proceeds of the Mount Vernon Corridor Bonds to make a loan to the Nonprofit Developer must be I