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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 />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />O> <br />take all necessary action to issue obligations in the amount <br />hereinabove provided to pay the cost of the Project. <br />Section 5. Commencement of Project. The City is <br />hereby authorized to commence activities with respect to the <br />Project and advance such funds as may be necessary therefor, <br />subject to reimbursement for all expenditures, out of the pro- <br />ceeds of the obligations herein authorized if and when such <br />obligations are issued by the City and said Project is finally <br />approved for such financing. It is intended that this Resolu- <br />tion shall constitute "some other similar official action" <br />toward the issuance of indebtedness within the meaning of Section <br />103 of the Internal Revenue Code of 1954, as amended, and the <br />iregulations thereunder. <br />Section <br />6. <br />Other <br />Approvals. <br />The adoption of <br />this <br />Resolution shall <br />not <br />bind <br />the <br />City to <br />issue bonds until <br />and <br />unless all other necessary actions and approvals are taken or <br />received in accordance with all applicable laws. The adoption <br />of this Resolution does not and shall not limit in any manner <br />whatever the City's full discretion to deny any further permit <br />for approval that may be necessary for ultimate completion of the <br />1 proposed Project. <br />Section 7. Effective Date. This Resolution shall <br />take effect immediately upon adoption. <br />ADOPTED this 21st d June, 983. <br />Mayor of -the --City of Colton, <br />California <br />ATTEST: <br />City Clerk of the City of Colton, <br />California <br />-3- <br />