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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />71 <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 />RESOLUTION NO. R-127-96 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON AUTHORIZING AN AMENDMENT TO THE COLTON <br />PUBLIC FINANCING AUTHORITY JOINT EXERCISE OF <br />POWERS AGREEMENT <br />Whereas, the City of Colton (the "City") and the Redevelopment <br />Agency for the City of Colton (the "Agency") entered into a Joint <br />Exercise of Powers Agreement dated May 16, 1989 (the "Agreement") <br />creating the Colton Public Financing Authority; <br />Whereas, section 2.01 of the Agreement provides: <br />The purpose of the Agreement is to provide for the financing <br />or refinancing of Public Capital Improvements for, and <br />working capital requirements of, the City, the Agency and any <br />Associate Member through the acquisition by the Authority of <br />such Public Capital Improvements and/or the purchase by the <br />Authority of Obligations of the City, the Agency or an <br />Associate Member pursuant to Bond Purchase Agreements and/or <br />the lending of funds by the Authority to the City, the Agency <br />or an Associate Member; <br />Whereas, the public interest requires and it is to the benefit of <br />the City to amend the Agreement pursuant to section 9.05 of the Agreement <br />to designate any public agency, including a community facilities <br />district, created by the City or the Agency to be an "Associate Member" <br />of the Authority; <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLTON AS <br />FOLLOWS: <br />Section 1. The above recitals are true and correct. <br />Section 2. The Council hereby approves and authorizes an amendment <br />to the definition of "Associate Member" in section 1.01 of the Agreement, <br />which definition, as amended, shall read as follows: <br />"Associate Member" means (i) any public agency, <br />including any community facilities district, created by the <br />City, the Agency, or both and (ii) a Public Agency which is a <br />party to an Associate Membership Agreement entered into by <br />the Authority and such Public Agency pursuant to Article VIII <br />hereof. <br />Section 3. The Mayor is authorized and directed to deliver a true <br />(copy of this resolution to the Board of the Colton Public Financing <br />Authority and to execute and deliver the Second Supplement to the <br />I RESAMDAG.CTY <br />2811 1 <br />