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 approved by the "applicable elected representative" of the governmental unit issuing the Mount Vernon Corridor Bonds after a noticed public hearing; and WHEREAS, this City Council is the applicable elected representative to approve the issuance of the Mount Vernon Corridor Bonds by the Agency for purposes of Section 147(f) of the Tax Code; and WHEREAS, the City has caused a duly noticed public hearing with respect to the proposed issuance by the Agency of the Mount Vernon Corridor Bonds to be held before this City Council, and an opportunity was provided for interested parties to present comments for and against the proposed issuance of the Mount Vernon Corridor Bonds; WHEREAS, the City has determined to approve the issuance of the Mount Vernon Corridor Bonds and the West Valley Bonds by the Agency. NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF COLTON, AS FOLLOWS: Section 1. Approval of Financing. This City Council hereby approves the financing of a portion of the Mount Vernon Corridor Redevelopment Project Area and the West Valley Redevelopment Project Area (including the original West Valley Redevelopment Project Area) by means of the issuance of up to $5,750,000 principal amount of the Mount Vernon Corridor Redevelopment Project 1999 Tax Allocation Bonds and up to $1,750,000 principal amount of the West Valley Redevelopment Project 1999 Tax Allocation Bonds. Section 2. Approval of Issuance of Mount Vernon Corridor Bonds Under Tax Code. This City Council, for purposes of Section 147(f) of the Tax Code, hereby approves the issuance of the Mount Vernon Corridor Bonds by the Agency and the use of an amount not to exceed $2,000,000 from the proceeds thereof to make a loan to the Nonprofit Developer to finance its acquisition under a ground lease of up to 103 spaces in the Mobilehome Project.