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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 Prior Notes; and <br />WHEREAS, the Authority proposes at this time to issue its <br />Colton Public Financing Authority Rancho Mediterrania Mobile Home <br />Estates Notes, Issue of 1994 (the "Notes") to provide a loan to the <br />Agency for said purposes in a total principal amount not to exceed <br />$4,250,000; and <br />WHEREAS, the loan to the Agency will be made by the Authority <br />pursuant to that certain Loan Agreement which shall be dated as of <br />November 1, 1994 (the "Loan Agreement"), by and among the Agency <br />and the Authority, a form of which is presently on file with the <br />City Clerk; and <br />WHEREAS, pursuant to the Community Redevelopment Law, the <br />Agency has the power and authority to borrow moneys for the purpose <br />of refinancing prior obligations of the Agency incurred for <br />redevelopment activities; and <br />WHEREAS, the City has duly considered such transaction and <br />documentation and desires at this time to approve said transaction <br />and documentation in the public interests of the City. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF COLTON, AS <br />FOLLOWS: <br />SECTION 1. Approval of the Authority Notes. The City <br />hereby approves the issuance by the Authority of its Notes in a <br />total principal amount of not to exceed $4,250,000 for the purpose <br />of providing funds to make a certain loan (the "Loan") to the <br />Agency in order to pay the Prior Notes. The City hereby further <br />approves the Loan to the Agency and the borrowing of funds by the <br />Agency for said purposes. <br />SECTION 2. Official Actions. The Mayor, the City Manager, <br />