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• <br />BETWEEN THE CITY OF COLTON AND THE <br />N�ELOPNENT AGENCY OF THE CITY OF C"Ll <br />WEST REDEVELOPMENT PROJECT <br />D AMENDMENT NO. <br />1. PARTIES AND DATE. <br />1.1 THIS AGREEMENT is entered into the 19th day of June, <br />1990, by and between the City of Colton, a municipal corporation, (the <br />"City"), and the Redevelopment Agency of the City of Colton, a public <br />body, corporate and politic (the "Agency"); and <br />2. RECITALS. <br />2.1 Agency has a need to fund certain administrative <br />expenses and overhead in connection with redevelopment activities; and <br />2.2 The California Community Redevelopment Law authorized <br />the City to make a loan to the Agency. <br />NCW, THEREFORE, BE IT RESOLVED in consideration of the foregoing <br />and the mutual promises and covenants contained therein, the parties <br />hereto do mutually agree as follows: <br />3. TERMS. <br />3.1 Amount of loan. The City agrees to loan Agency an <br />amount not to exceed $150,000 for deposit in the West Valley <br />Redevelopment Project. Said loan shall be in addition to any and all <br />amounts heretofore loaned to the Agency. <br />3.2 Disbursement of Funds. The City agrees to disburse loan <br />proceeds to the agency upon receipt of a request in writing from the <br />Agency. The Agency agrees to use such proceeds only for the <br />purposes provided for in State Law. <br />