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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 />Bonds pursuant to a Purchase Contract submitted by said firm. <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND <br />ORDERED BY THE CITY COUNCIL OF THE CITY OF COLTON AS FOLLOWS: <br />Section 1. Establishment of Program. The City <br />hereby declares its intention to establish a home financing <br />program in accordance with the Act and further declares its <br />intention to authorize the issuance and sale of the Bonds in <br />11 accordance with the Act in amounts as will be adequate to <br />implement said home financing program by acquiring home <br />mortgages pursuant to said program and further to defray the <br />costs of studies and surveys, insurance premiums, underwriting <br />fees, rating agency fees, printing costs, and legal, account- <br />ing and marketing services incurred in connection with said <br />issuance and sale and to further defray such other costs that <br />may be determined to be reasonably related to the foregoing <br />and to further provide for the establishment of such reserve <br />funds as may determined to be necessary to provide for the <br />further security of the Bonds. <br />Section 2. Purpose. The City hereby declares that <br />said proposed home financing program and issuance and sale of <br />the Bonds will serve the public purpose of reducing thecost <br />of mortgage financing for single-family residences for those <br />persons unable to compete for mortgage financing in the <br />conventional mortgage market. <br />Section 3. Rules and Regulations. The respective <br />forms of the Rules and Regulations Establishing Eligibility <br />Criteria for Lending Institutions and the Rules and Regula- <br />tions Establishing Eligibility Criteria for Mortgagors are <br />-3- <br />