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1 CITY OF COLTON RESOLUTION NO. R-127-94 <br />2 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />3 COLTON, CALIFORNIA APPROVING AN AMENDMENT TO THE <br />JOINT EXERCISE OF POWERS AGREEMENT RELATING TO THE <br />4 COLTON PUBLIC FINANCING AUTHORITY AND CERTAIN <br />ACTIONS IN CONNECTION THEREWITH <br />5 <br />6 WHEREAS, the City of Colton (the "City") and the <br />7 Redevelopment Agency for the City of Colton (the "Agency") have <br />8 heretofore executed and delivered a Joint Exercise of Powers <br />9 Agreement, dated May 16, 1989 (the "Agreement"), establishing the <br />10 Colton Public Financing Authority (the "Authority") for the purpose, <br />11 among others, of issuing the Authority's bonds to finance public <br />12 capital improvements of the City; and <br />13 <br />14 WHEREAS, the City Council of the City currently consists of <br />15 seven City Council members having been expanded from five members by a <br />16 vote of the electorate in June of 1992; and <br />17 <br />18 WHEREAS, in order to provide that the Authority's Board of <br />19 Directors shall consist of all members of the City Council, an <br />20 amendment to the Agreement is desirable and in the best interests of <br />21 the City and the Agency; and <br />22 <br />23 WHEREAS, Section 9.05 of the Agreement provides that the <br />24 Agreement may be amended by a supplemental agreement executed by the <br />25 City and the Agency; and <br />26 <br />27 WHEREAS, the City and the Agency desire to execute and <br />28 deliver Amendment Number One to Joint Exercise of Powers Agreement, <br />LA01 \6169\18347.3 95490.2 <br />