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CITY OF COLTON <br />`oorpnrgtea� <br />AGENDA REPORT " 18V " <br />a i fot9 <br />For Council Meeting of January 4, 1993 <br />TO: HONORABLE MAYOR AND CITY COUNCIL DATE: December 29, 1993 <br />FROM: MICHAEL WILLIAMS <br />City Treasurer <br />SUBJECT CONSIDER ORDERING FORECLOSURE ACTIONS FOR COMMUNITY FACILITIES <br />DISTRICT NOS. 87-1, 88-1, 89-1, 89-2 AND APPROVAL OF SPECIAL COUNSEL <br />AGREEMENT <br />BACKGROUND/DISCUSSION: <br />From time to time various property owners fail to pay their required special taxes. All of Community Facilities <br />Districts in the City, issued bonds to Finance improvements. In order to protect their bond holders, the City <br />agreed to foreclose on the delinquent property owners. These proceedings are a unique area of law; therefore <br />we are requesting that the counsel approve the agreement to retain the Law Office of Robert Owen. <br />FINANCIAL IMPACT: <br />There is no financial impact to the city because legal fees are paid by the property owners when they cure the <br />delinquency or are paid when the property is sold. <br />RECOMMENDATION: <br />Staff recommends approval of the attached resolution and agreement. <br />Concur: <br />A:\AGNDA .104 <br />