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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />141 <br />1 <br />1 <br />211 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-143-02 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON APPROVING THE <br />ISSUANCE OF MULTIFAMILY HOUSING REVENUE BONDS BY THE CALIFORNIA <br />STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY <br />WHEREAS, the California Statewide Communities Development Authority (the <br />"Authority") is authorized pursuant to the provisions of California Government Code Section <br />6500 et seq. and the terms of an Amended and Restated Joint Exercise of Powers <br />Agreement, dated as of June 1, 1988 (the "Agreement"), among certain local agencies <br />throughout the State of California, including the City of Colton (the "City"), to issue revenue <br />bonds in accordance with Chapter 7 of Part 5 of Division 31 of the California Health and <br />Safety Code for the purpose of financing multifamily rental housing projects, and <br />WHEREAS, Oracle Communities Corporation, a California nonprofit public benefit <br />corporation (collectively, with any related entity, the 'Borrower"), has requested that the <br />Authority issue 501 ( c )(3) revenue bonds in an aggregate principal amount not to exceed <br />$9,000,000 (the 'Bonds") for the purpose of providing financing for the acquisition and <br />rehabilitation of a 129 -unit multifamily residential rental project located at 2170-2190 N. <br />Rancho Avenue, Colton, California and generally known as Colton Gardens Apartments, and <br />WHEREAS, the Bonds or a portion thereof will be "private activity bonds" for <br />purposed of the Internal Revenue Code of 1986 (the "Code"); and <br />WHEREAS, pursuant to Section 147(f) of the Code, prior to their issuance, private <br />activity bonds are required to be approved by the "applicable elected representative' of the <br />governmental units on whose behalf such bonds are expected to be issued and by a <br />governmental unit having jurisdiction over the entire area in which any facility financed by <br />such bonds is to be located, after a public hearing held following reasonable public notice; <br />and <br />WHEREAS, the members of this City Council (this "Council') are the applicable <br />elected representatives of the City; and <br />