2005 RES R-89-05 - Laserfiche WebLink

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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. R-89-05 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON AUTHORIZING PROCEEDINGS AND AGREEMENTS RELATING TO THE FINANCING OF VARIOUS PUBLIC CAPITAL IMPROVEMENTS APPROVING ISSUANCE AND SALE OF A NOTE BY THE COLTON PUBLIC FINANCING AUTHORITY AND AUTHORIZING OFFICIAL ACTIONS WHEREAS, the Colton Public Financing Authority (the "Authority") is a joint exercise of powers authority formed pursuant to a Joint Exercise of Powers Agreement by and between the City of Colton (the "City") and the Colton Redevelopment Agency and is authorized under said Agreement and under the laws of the State of California to finance the acquisition and construction of public capital improvements for the City; and WHEREAS, the City has requested that the Authority issue its revenue note for the purpose of providing funds to enable the City to finance the acquisition and construction costs of various public capital on property owned by the City for recreational purposes (the "Project"); and WHEREAS, to provide such financing for the Project the Authority proposes to issue its revenue note in the principal amount of not to exceed $5,000,000 (the "Note") under the provisions of Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code of the State of California (the "Act"), which are proposed to be payable from lease payments to be paid to the Authority by the City pursuant to a lease agreement (the "Lease Agreement") relating to the various sites and facilities throughout the City (the "Sites and Facilities"); and WHEREAS, the proceeds of the Note deposited in a Project Fund held under a Depository Agreement will be applied by the Authority and the City for the acquisition, construction and installation of the Project pursuant to an Agency Agreement between the Authority and the City; and RVPUB\KAS\692025.1 1