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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <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 <br />24 <br />25 <br />26 <br />27 <br />28 <br />the activities of the IVDA in the implementation of a <br />Redevelopment Plan adopted by the IVDA; and <br />WHEREAS, the Agency has entered into a certain Joint <br />Exercise of Powers Agreement (the "Joint Powers Agreement") by <br />and among the Agency, the Redevelopment Agency of the City of <br />Loma Linda and the Community Development Commission of the City <br />of San Bernardino pertaining to the funding of certain activities <br />Iof the IVDA, a copy of which Joint Powers Agreement is on file <br />with the Agency Secretary; and <br />WHEREAS, pursuant to the terms of the Joint Powers <br />Agreement, the Agency has deemed it desirable to guaranty the <br />incurrence of certain indebtedness by the Authority for the <br />purposes of assisting the IVDA in implementing its redevelopment <br />plan; and <br />WHEREAS, the Authority deems it desirable to issue <br />certain tax allocation notes in a principal amount not to exceed <br />Seven Million Five Hundred Thousand Dollars ($7,500,000) (the <br />"Notes") the proceeds of which are to be used to fund the <br />activities of the IVDA in connection with the implementation of <br />its Redevelopment Plan; and <br />WHEREAS, the City Council at this time deems it <br />desirable to approve the Agency's actions in connection with its <br />guaranty of the Notes to be issued by the Authority and to <br />- 2 - <br />