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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 />institutions which transact business in the City with respect <br />to participation in the proposed home financing program <br />pursuant to provisions of Health and Safety Code Section <br />52020(a) and there have been received responses thereto; and <br />WHEREAS, in connection with its proposed issuance <br />of its single family mortgage revenue bonds pursuant to the <br />Act, it is necessary for the City to (i) promulgate rules and <br />regulations with respect to the purchasing of mortgage loans. <br />originated and made by qualified mortgage lenders to mort- <br />gagors to purchase newly constructed residences; (ii) approve <br />a Mortgage Sale and Service Agreement pursuant to which <br />certain lending institutions will originate and service <br />mortgage loans under the City's program; (iii) approve a <br />Developer Agreement with participating developers setting <br />forth the terms and conditions upon which developers will <br />construct residences and the City will reserve funds from the <br />sale of its single family mortgage revenue bonds for the <br />purchase of mortgage loans to finance the sale of such resi- <br />dences and (iv) approve a form of official statement pursuant <br />to which the bonds will be offered; and <br />WHEREAS, the Agency has heretofore adopted its <br />Resolution titled "A Resolution of the City of Colton Author- <br />izing the Issuance of Single family Residential Mortgage <br />Revenue Bonds, 1984 Series A" (the "Resolution of Issuance") <br />pursuant to which the City is issuing its Single Mortgage <br />Revenue Bonds, 1984 Series A (the "Bonds"); and <br />WHEREAS, the City has received a proposal from <br />Miller & Schroeder Municipals, Inc. for the purchase of the <br />-2- <br />