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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <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 1 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. R-13-90 <br />A RESOLUTION OF THE CITY COUNCIL OF <br />THE CITY OF COLTON APPROVING THE <br />FINANCING OF A SENIORS HOUSING <br />PROJECT BY THE REDEVELOPMENT AGENCY <br />FOR THE CITY OF COLTON <br />WHEREAS, the Redevelopment Agency for the City of <br />Colton (the "Agency") is authorized pursuant to Section <br />33750 and following of the California Health and Safety Code <br />(the "Act") to provide assistance in financing multifamily <br />residential housing developments within redevelopment <br />project areas; and <br />WHEREAS, the Agency proposes to assist Colton <br />Nonprofit Senior Housing, Tnc. in financing the construction <br />of an approximately 100 -unit seniors rental housing project <br />proposed to be located near the Civic Center in the City of <br />Colton (the "Project") by means of the issuance by the <br />Agency of its "Multifamily Housing Revenue Bonds (Seniors <br />Housing Project) 1990 Series All (the "Bonds") in an aggre- <br />gate principal amount not to exceed $8,000,000; <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND <br />ORDERED BY THE CITY COUNCIL OF THE CITY OF COLTON AS <br />FOLLOWS: <br />Section 1. Approval of Financing. This City <br />Council hereby approves the financing of the Project by <br />means of the issuance by the Agency of the Bonds pursuant to <br />provisions of the Act, all subject to the requirements of <br />the Act. This approval is intended to satisfy the require- <br />ments of Section 33640 of the California Health and Safety <br />Code. <br />