1983 RES NO 4398 - Laserfiche WebLink

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1 2 ©11 4 5 9 10 11 12 N (X O ' 13 U' W N rn 0W W0d WY4 0X 14 UW O oN U 15 3moow a °N° 16 �w aW m a 17 18 19 20 21 22 23 24 25 26 27 28 revenue bonds for the Project in accordance with the require- ments of Section 103(k) of the Internal Revenue Code of 1954, as amended; and WHEREAS, the members of the City Council are the applicable elected representatives to conduct a public hearing regarding the issuance of the revenue bonds for the Project; and WHEREAS, the City Council has conducted a public hearing regarding the issuance of the revenue bonds for the Project and has determined it to be in the public interest to issue bonds, the proceeds of which will be used to make a loan to the Developer pursuant to a Loan Agreement by and between the City and the Developer, all in furtherance of the purposes of the Act; and WHEREAS, all acts, conditions and things required by the Act, and by all other laws of the State of California, to exist, to have happened and to have been performed precedent to and in connection with the issuance of the aforesaid revenue bonds exist, have happened, and have been performed in regular and due time, form and manner as required by law, and the City is now duly authorized and empowered, pursuant to each and every requirement of law, to issue such revenue bonds for the purpose, in the manner and upon the terms herein provided; and WHEREAS, said revenue bonds are to be issued pursuant to an Indenture of Trust (the "Indenture") in the form presented to this meeting by and between the City and First Interstate Bank of California (the "Trustee") in an aggregate principal amount not to exceed $9,000,000 and are to be designated as the "City of Colton, California, Multifamily Housing Revenue Bonds, -2-