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take all necessary action to issue obligations in the amount <br />1 <br />hereinabove provided to pay the cost of the Project. <br />2 <br />3 Section 5. Commencement of Project. The City is <br />hereby authorized to commence activities with respect to the <br />4 <br />Project and advance such funds as may be necessary therefor, <br />5 <br />subject to reimbursement for all expenditures, out of the pro - <br />6 <br />ceeds of the obligations herein authorized if and when such <br />7 <br />obligations are issued by the City and said Project is finally <br />8 <br />approved for such financing. It is intended that this Resolu- <br />9 tion shall constitute "some other similar official action" <br />10 <br />toward the issuance of indebtedness within the meaning of Section <br />11 <br />103 of the Internal Revenue Code of 1954, as amended, and the <br />12 regulations thereunder. <br />13 <br />Section 6 Other Approvals. The adoption of this <br />14 <br />Resolution shall not bind the City to issue bonds until and <br />15 unless all other necessaryactions and <br />approvals area taken or <br />1 <br />177 received in accordance with all applicable laws. The adoption <br />of this Resolution does not and shall not limit in any manner <br />18 whatever the City's full discretion to deny any further permit <br />19 <br />or approval that may be necessary for ultimate completion of the <br />20 proposed Project. <br />21 Section 7. Effective Date. This Resolution shall <br />22 take effect immediately upon adoption. <br />23 ADOPTED this 15th da May, 19 <br />24 <br />25 yor of the City of Colton, <br />California <br />26 ATTEST: <br />27 J� <br />City Clerk of the City of Colton, <br />28 California <br />-3- <br />