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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 />participating developers equal to at least one-half of one <br />percent of the dollar amount of bonds being requested for <br />allocation, which funds are to be used in accordance with the <br />provisions of said section; <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Colton as follows: <br />Section 1. City staff is hereby directed to cause to <br />be prepared an appropriate notice and supporting documentation to <br />be submitted to the California Mortgage Bond Allocation Committee <br />and setting forth such information as may be required by the <br />Costa -Marks Act, said notice to request an allocation of <br />principal amount of bonds up to $ 20,000.000.00 <br />Section 2. City staff is hereby directed to cause to <br />be collected from interested developers who desire to participate <br />in the proposed home financing program an amount equal to .55 of <br />1% of the respective principal amount of bonds requested by them, <br />which funds shall be deposited in an interest-bearing trust <br />account and used for the purposes set forth in Section 50191 of <br />the Costa -Marks Act. <br />PASSED, APPROVED AND ADOPTED this 18th day of September, <br />111984. <br />11ATTEST:_ <br />HELEN RAMOS , City Cleric <br />-2- <br />� -EmilIV. i toll) • <br />