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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 />RESOLUTION NO. R-70-94 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON RESCINDING RESOLUTION NO. R-71-93 AND <br />APPROVING A LOAN TO THE REDEVELOPMENT AGENCY FOR <br />THE CITY OF COLTON AND AUTHORIZING THE MAYOR TO <br />EXECUTE THE LOAN AGREEMENT FOR THE PROPOSED <br />RANCHO/MILL REDEVELOPMENT PROJECT AREA <br />WHEREAS, the Redevelopment Agency for the City of Colton <br />("Agency") is authorized by California Health and Safety Code <br />Section 33601 to borrow money or accept financial assistance from <br />any other public agency for any redevelopment project within its <br />area of operations; and <br />WHEREAS, the City Council of the City of Colton is authorized <br />by California Health and Safety Code Section 33220 to appropriate to <br />the Agency such amounts as necessary for the preparation and <br />adoption of a redevelopment plan and initial program activities. <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of the <br />City of Colton hereby rescinds Resolution No. R-71-93 and approves <br />a loan to the Redevelopment Agency for the City of Colton for <br />expenses related to the preparation of a new redevelopment project <br />area and plan to be repaid upon such terms and conditions as are set <br />forth in the Agreement for Loan and Repayment attached and <br />incorporated hereby as Exhibit "A" which shall be and is hereby <br />approved, and the Mayor is hereby authorized to execute same for the <br />City Council of the City of Colton. <br />ADOPTED, SIGNED AND APPROVED this 21st day of June, 1994. <br />ATTEST: <br />Helen Ramos, City Clerk <br />Frank A. Gonzales, Mayor <br />