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0 <br />1 RESOLUTION NO. R-72-88 <br />2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />APPROVING A HOME MORTGAGE FINANCE PROGRAM IN COOPERATION <br />3 WITH THE COUNTY OF SAN BERNARDINO AND AUTHORIZING THE <br />MAYOR AND CITY CLERK TO EXECUTE FOR AND ON BEHALF OF THE <br />4 CITY A COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF <br />SAN BERNARDINO AND THE CITY <br />5 <br />6 WHEREAS, there is a shortage in the County of San <br />7 Bernardino (the "County") and in the City of Colton (the <br />"City") of decent, safe and sanitary housing, particularly of <br />9 housing affordable by persons in the lower end of the <br />10 purchasing spectrum, and a consequent need to encourage the <br />11 construction of homes affordable by such persons and otherwise <br />12 to increase the housing supply in the County and in the City <br />13 for such persons; and <br />14 WHEREAS, the Board of Supervisors of the County has <br />15 adopted an ordinance declaring its intent to engage in a home <br />16 mortgage finance program (the "Program") pursuant to Chapters <br />17 1-5 of Part 5 of Division 31 of the Health and Safety Code of <br />18 the State of California (the "Act").and to issue bonds <br />19 pursuant to the Act to provide funds for the Program; and <br />20 WHEREAS, the Council finds and determines that it is <br />21 in the best interest of the City to adopt the Program and to <br />22 consent to the operation of the Program by the County within <br />23 the geographic boundaries of the City pursuant to the Act. <br />24 NOW, THERFORE, BE IT RESOLVED, by the Council of <br />25 the City of Colton, as follows: <br />26 SECTION 1. Each of the foregoing recitals is true <br />27 and correct <br />28 SECTION 2. The City hereby adopts the Program for <br />