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1 principal amount not to exceed $10,300,000, and are to be <br />2 designated as the "City of Colton, California, Variable Rate <br />3 Demand Multifamily Housing Revenue Bonds, Series A of 1954" <br />4 ( the "Bonds"); <br />5 NOW, THEREFORE, BE IT RESOLVED by the City Council <br />6 of the City of Colton as follows: <br />7 Section 1. Recitals The above recitals, and each <br />$ of them, are true and correct. <br />9 Section 2. Regulatory Agreement. The proposed <br />10 form of the Regulatory Agreement and Declaration of Restrict - <br />11 ive Covenants between the City, the Developer and the Trustee <br />12 (the "Regulatory Agreement"), presented at this meeting is <br />13 hereby approved and the Mayor or Mayor Pro Tem and the City <br />-14 Clerk or Assistant City Clerk are hereby authorized and <br />15 directed,, for and in the name of the City, to execute the <br />16 Regulatory Agreement in -substantially the form hereby <br />17 approved, with such changes therein as the officers executing <br />18 the same may approve, such approval to be conclusively <br />19 evidenced by the execution and delivery thereof and are <br />20 further authorized and directed to cause said Regulatory <br />21 Agreement to be recorded in the official records of San- <br />22 Bernardino County. <br />23 Section 3. Official Statement. The draft of the <br />24 Preliminary Official Statement relating to the Bonds pre - <br />25 sented at this meeting is hereby approved in substantially <br />26 the form presented with such changes thereto as may be <br />27 approved by the City Manager, or his designee, and the City <br />28 Manager is hereby authorized and directed, for and in the <br />-3- <br />