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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 />27 <br />28 <br />the City Council chambers as the time and place for said hear- <br />ing; and <br />WHEREAS, this City Council has duly held said public <br />meeting and hearing with respect to the Project and its financing <br />by the City, all in accordance with Section 103(k) of the Internal <br />Revenue Code of 1954, as amended (the "Code"), at which public <br />hearing interested individuals were given a reasonable oppor- <br />tunity to express their views on the Project and its proposed <br />financing by the City; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Colton as follows: <br />Section 1. Approval of Project and Financing. <br />This City Council hereby approves the Project and its financing <br />by means of an issue of the City's multifamily housing revenue <br />bonds pursuant to provisions of the Act, all subject to the <br />requirements of the Act and further subject to the Developer <br />entering into a satisfactory Developer Participation Agreement <br />for the purpose of reimbursing the City for any expenses incurred <br />Iin connection with this transaction in the event bonds are not <br />issued. This approval is intended to satisfy the requirements <br />of Section 103(k) of the Code. <br />Section 2. Effective Date. This Resolution shall <br />take effect immediately upon adoption. <br />ADOPTED this 6th d Decem r, 1983. <br />yor of the City of Colton, <br />California <br />ATTEST: <br />/", a . e ,442 <br />City Clerk of the City of Colton, <br />California <br />-2- <br />