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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 />1984, and the City Council chambers.as the time and place for <br />said hearing; and <br />WHEREAS, this City Council is the applicable govern- <br />mental unit to conduct said public hearing for purposes of <br />Section 103(k) of the Internal Revenue Code of 1954-, as amended <br />(the "Code"); and <br />WHEREAS, this City Council has duly held said public <br />meeting and hearing with respect to the Project and its pro- <br />posed financing, all in accordance with Section 103(k) of the <br />Code, at which public hearing interested individuals were given <br />a reasonable opportunity to express their views on, --the Project <br />and its proposed financing by the City; <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED <br />BY THE CITY COUNCIL OF THE CITY OF COLTON AS FOLLOWS: <br />Section. 1. Approval of Project and Financing. This <br />City Council hereby approves the Project and its financing by <br />means of an issue of the City's multifamily housing revenue <br />bonds pursuant to provisions of the Act, all subject to the <br />requirements of the Act and further subject to the condition <br />that the Developer will reimburse the City for any expenses <br />incurred in connection with this transaction in the event <br />bonds are not issued.. This approval is intended to satisfy <br />the requirements of Section 103(k) of the Code. <br />Section 2. Effective Date. This Resolution shall <br />take effect immediately upon adoption. <br />ADOPTED this 18th day of December 984. <br />M o the City of Colton, <br />California <br />