Laserfiche WebLink
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 />RESOLUTION NO. R-61-04 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />APPROVING THE ISSUANCE OF COLTON PUBLIC FINANCING AUTHORITY <br />REVENUE BONDS AND MAKING CERTAIN FINDINGS <br />WHEREAS, the Colton Public Financing Authority (the "Authority") is a joint powers <br />authority duly organized and existing under and pursuant to that certain Joint Exercise of Powers <br />Agreement dated as of December 29, 1982, by and between the City of Colton (the "City") and <br />the Redevelopment Agency for the City of Colton (the "Agency"), and under the provisions of <br />Articles 1 through 4 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the <br />Government Code of the State of California (the "Act"), and is authorized to borrow money for <br />the purpose of financing the acquisition of bonds, notes and other obligations of, or for the <br />purpose of making loans to, the Agency to provide financing and refinancing for public capital <br />improvements of the Agency; and <br />WHEREAS, the Agency has previously issued its $6,550,000 initial principal amount <br />Redevelopment Agency for the City of Colton Subordinate Housing Tax Allocation Revenue <br />Bonds Series 2001 A (the "Prior Agency Bonds"); and <br />WHEREAS, the Agency has requested that the Authority assist the Agency with the <br />refunding of the Prior Agency Bonds; and <br />WHEREAS, in order to refund the Prior Agency Bonds, the Agency proposes to enter into <br />a loan agreement with the Authority and the Trustee (the "2004 Subordinate Housing Loan <br />Agreement") and the Authority proposes to issue its not to exceed $7,500,000 Subordinate Tax <br />Allocation Revenue Bonds 2004 Series A (Redevelopment Agency for the City of Colton <br />Refunding Housing Loan) (the "2004 Bonds") all pursuant to and secured by an Indenture of <br />Trust between the Authority and U.S. Bank Trust National Association, as trustee; and <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COLTON DOES HERBY <br />RESOLVE AS FOLLOWS: <br />Section 1. Recitals True and Correct. Each of the recitals stated above is true and <br />correct. <br />RVPUB\FJB\673080.1 <br />