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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 z <br />RESOLUTION NO. 4452 <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON AMENDING RESOLUTION NO. 4398 <br />WHEREAS, the City of Colton (the "City") is authorized <br />Pursuant to Chapter 7 (commencing with Section 52075) of Part 5 <br />of Division 31 of the California Health and Safety Code to provide <br />assistance in financing multifamily residential rental housing <br />developments within the City; and <br />WHEREAS, on December 20, 1983, the City Council of the <br />City ("this City Council") adopted Resolution No. 4398 approving <br />documents for the issuance of the City's multifamily housing <br />revenue bonds for the development of an approximately 360 -unit <br />multifamily rental housing project to be constructed in the City <br />by.First City Development Corp. of California; and <br />WHEREAS, pursuant to Section 10 of Resolution No. 4398, <br />this City Council authorized the City Manager, based on such <br />advice of Bond Counsel as he might deem necessary, to act on <br />behalf of this City Council to establish and determine the final <br />principal amount of bonds to be issued, which amount was not to <br />exceed $9,000,000 and which authorization was to be valid for a <br />period of thirty days from the adoption of Resolution 4398; and <br />WHEREAS, by Resolution No. 4404 adopted by this City <br />Council on January 17, 1984, this City Council (i) approved the <br />substitution of First City Properties, Inc., which is the parent <br />zorporation of First City Development Corp.. of California, as the <br />3eveloper of the project; (ii) authorized the maximum principal <br />.mount of the City's bonds proposed to be issued to be an amount <br />lot to exceed $9,775,000; and (iii) amended Section 10 of <br />