Laserfiche WebLink
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-126-94 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON, APPROVING THE ISSUANCE OF NOT TO EXCEED <br />$4,250,000 COLTON PUBLIC FINANCING AUTHORITY <br />RANCHO MEDITERRANIA MOBILE HOME ESTATES NOTES, <br />ISSUE OF 1994 AND THE BORROWING BY THE <br />REDEVELOPMENT AGENCY FOR THE CITY OF COLTON OF <br />THE PROCEEDS THEREFROM PURSUANT TO THAT CERTAIN <br />LOAN AGREEMENT <br />WHEREAS, the City of Colton (the "City") is a public body <br />organized and existing pursuant to and under the laws of the State <br />of California; and <br />WHEREAS, the Redevelopment Agency for the City of Colton (the <br />"Agency") is a public body, corporate and politic duly created and <br />existing pursuant to the Community Redevelopment Law (Part 1 of <br />Division 24, commencing with Section 33000) of the Health and <br />Safety Code of the State of California (the "Community <br />Redevelopment Law"); and <br />WHEREAS, the City and the Agency have heretofore entered into <br />a Joint Exercise of Powers Agreement establishing the Colton Public <br />Financing Authority (the "Authority") for the purposes, among other <br />things, of issuing bonds or notes to be used to make loans to any <br />of its members to finance or refinance obligations of the Agency; <br />and <br />WHEREAS, the Agency has previously entered into a Loan <br />Agreement with the Authority in connection with the issuance by the <br />Authority of the $6,325,000 Colton Public Finance Authority, Rancho <br />Mediterrania Mobile Home Estates Notes, Issue of 1993 (the "Prior <br />Notes"); and <br />WHEREAS, the Prior Notes mature on December 1, 1994, and the <br />Agency desires to borrow money from the Authority in order to pay <br />