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O R R I C K <br />November 22, 2002 <br />VIA FACSIMILE (909) 370-5183 AND MAIL <br />Daryl Parrish <br />City Manager <br />City of Colton <br />650 North La Cadena Drive <br />Colton, CA 92324 <br />ORRICK, HERRINGTON 5 SUTCLIFFE ur <br />OLD FEDERAL RESERVE BANK BUILDING <br />40D SFNSOME STREET <br />SAN FRANasco, CA 94111-3143 <br />tel 415-392-1122 <br />,(JX 415-»,-5,59 RECEIVED <br />W W WAMRIC K.COM <br />Nov 2 5 2002 <br />CITY OF COTTON <br />CITY NIANAGER <br />Ana Marie del Rio <br />(415) 773-5509 <br />amdelrio@orrick.com <br />Re: California Statewide Communities Development Authority <br />Colton Gardens Apartments) <br />Dear Mr. Parrish: <br />Per the request of Mike La Pierre, please find enclosed a sample notice of public hearing and <br />resolution (the "TEFRA Resolution") to be considered by the City Council of the City of Colton (the <br />"City") in connection with the proposed financing of a multifamily housing project for Oracle <br />Communities Corporation, a 501(c)(3) corporation, or related entities, to be accomplished through the <br />issuance of bonds by the California Statewide Communities Development Authority ('CSCDA"). Set <br />forth below is a brief summary of the basis for CSCDA's authority to accomplish the proposed <br />financing, as well as the actions required to be undertaken by a city or county member (i.e., the <br />"Program Participant") of the CSCDA in order for such financing to proceed. These financings are <br />structured so that neither the CSCDA nor the relevant Program Participant has pecuniary liability. <br />Pursuant to the provisions of the joint Powers Act, corrunencing with Section 6500 of die <br />California Government Code (the "JPA Act"), a number of California cities and counties (including <br />Colton) have entered into a joint exercise of powers agreement (the "Agreement") pursuant to which <br />CSCDA was organized. Currently over 195 cities, 50 counties and over 50 districts or agencies of some <br />type are Program Participants of CSCDA. <br />CSCDA is authorized by its Agreement to issue bonds, notes, other evidences of indebtedness <br />or certificates of participation in leases or other agreements in order to promote economic <br />development, including the provision and maintenance of multifamily housing. However, under the <br />terms of the Agreement, CSCDA may not approve a financing unless the governing body of the <br />Program Participant in whose jurisdiction the project is located (or to be located) approves the project <br />and its financing. <br />DOCSSF1:648659.1 <br />