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n <br />{ <br />i <br />AGREEMENT FOR LOAN AND REPAYMENT <br />STORM DRAIN PROJECT NO. 3-6 <br />(City of Colton, California) <br />1. PARTIES AND DATE. <br />1.1 THIS AGREEMENT is entered into this.?&M day of <br />October, 1988, by and between the City of. Colton, a <br />municipal corporation, ("City").,. and the Redevelopment <br />Agency for the City of Colton, a public body, corporate and <br />politic ("Agency"); and <br />2. RECITALS. <br />2.1 City and the City of San Bernardino ("San <br />Bernardino") have entered into an agreement dated April 19, <br />1988 which provides for the construction of a storm drain <br />within Mill Street from approximately its intersection with <br />Michigan Street to its intersection with Lytle Creek <br />Channel, all within the City (the "Storm Drain"). <br />2.2 City has a need to fund certain construction <br />costs in connection with such construction project. <br />2.3 The California Community Redevelopment Law <br />authorizes the Agency to use certain funds made available to <br />it pursuant to California Health and Safety Code Section <br />33674(b) for the purpose of increasing and improving the <br />community's supply of low- and moderate -income housing <br />available at affordable housing cost in carrying out the <br />purpose of this section and in connection therewith the <br />Agency may exercise any or all of its powers, including the <br />