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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 II <br />RESOLUTION NO. 4437 <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON APPROVING THE ISSUANCE BY <br />THE REDEVELOPMENT AGENCY FOR THE CITY OF <br />COLTON OF ITS SINGLE FAMILY RESIDENTIAL <br />MORTGAGE REVENUE BONDS, 1984 SERIES A <br />WHEREAS, the Redevelopment Agency for the City of <br />Colton (the "Agency") has undertaken and is carrying out a <br />redevelopment program in the City of Colton in accordance with <br />the provisions of the California Community Redevelopment Law, <br />being Section 33000 and following of the Health and Safety Code <br />of the State of California (the "Law"). <br />WHEREAS, by the enactment of Chapter 8 of Part 1, <br />1commencing with Section 33750, of Division 24 of the Law, the <br />legislature of the State has authorized -redevelopment agencies <br />to make long-term, low-interest loans to finance residential <br />construction in redevelopment project areas in order to <br />encourage investment and upgrade such area, and to use bonds <br />for the purpose of financing such residential construction (a <br />"Residential Mortgage Financing Program"); <br />WHEREAS, the Agency has determined to implement a <br />(Residential Mortgage Financing Program and to provide for the <br />issuance of its Single Family Residential Mortgage Revenue <br />Bonds, 1984 Series A (the "Bonds"), the proceeds of which are <br />to be used to carry out such Program; and <br />'WHEREAS, Section 33640 of the Law requires the Agency <br />to obtain the approval of the City Council of the City of Colton <br />prior to issuance of such Bonds; <br />