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RESOLUTION NO. CUA 2005-02 <br />A RESOLUTION OF THE COLTON UTILITY AUTHORITY APPROVING <br />A 2005 COOPERATION LOAN AGREEMENT WITH THE <br />REDEVELOPMENT AGENCY FOR THE CITY OF COLTON <br />WHEREAS, the Redevelopment Agency for the City of Colton (Agency) <br />has a 2001 Redevelopment Cooperation Loan Agreement with the City of Colton <br />which was entered into to finance the purchase of properties located at the <br />northeast corner of Valley and Meridian for the proposed development of a Big <br />League Dreams Sports Park; and <br />WHEREAS, the City loaned $2,073,000 to the Agency to acquire said <br />properties; and <br />WHEREAS, the City desires that the Agency repay the loan; and <br />WHEREAS, the Agency desires to enter into a loan agreement with the <br />Colton Utility Authority (CUA) to repay the 2001 Redevelopment Cooperation <br />Loan Agreement with the City of Colton effective June 30, 2005 in an original <br />principal amount of $2,073,000 which will be repaid upon sale of said property; <br />and <br />NOW, THEREFORE, THE COLTON UTILITY AUTHORITY DOES <br />HERBY RESOLVE, AS FOLLOWS: <br />Section 1. That certain 2005 Redevelopment Cooperation Loan <br />Agreement in the form presented at the meeting at which this resolution is <br />adopted is hereby approved, and the President of the CUA is hereby authorized <br />and directed to execute the 2005 Redevelopment Cooperation Loan Agreement. <br />Section 2. This Resolution shall take effect upon the date of its adoption. <br />APPROVED AND ADOPTED THIS SIXTH DAY OF SEPTEMBER, 2005. <br />Deirdre H. Bennett, <br />President <br />ATTEST: <br />Carolina Barrera, <br />Secretary <br />