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CITY 01 10. R-128-94 <br />2 <br />RESOLUTION OL F THE CITY OF <br />3 COLTON, CALIFORNIA AUTHORIZING THE INVITATION OF <br />PROPOSALS FOR THE PURCHASE OF NOT TO EXCEED <br />4 $23,000j000 AGGREGATE PRINCIPAL AMOUNT OF BONDS OF <br />THE COLTON PUBLIC FINANCING AUTHORITY, APPROVING A <br />5 NOTICE INVITING BIDS RELATING TO THE BONDS AND A <br />NOTICE OF INTENTION TO SELL BONDS, AND AUTHORIZING <br />6 THE DELIVERY OF A PRELIMINARY OFFICIAL STATEMENT <br />7 <br />8 WHEREAS, the City of Colton (the "City") and the <br />9 Redevelopment Agency for the City of Colton have heretofore entered <br />10 into a Joint Exercise of Powers Agreement establishing the Colton <br />11 Public Financing Authority (the "Authority") for the purpose, among <br />12 others, of issuing the Authority's bonds to finance public capital <br />13 improvements of the City; and <br />14 <br />15 WHEREAS, it has been proposed that the Authority assist the <br />16 City in the financing of the acquisition, replacement, construction, <br />17 installation and/or reconstruction of certain portions of the City's <br />18 electric system and related facilities! including additions and <br />19 improvements thereto; and <br />20 <br />21 WHEREAS, this City Council deems it necessary and proper <br />22 that proposals be invited for the purchase of not to exceed <br />23 $23,000,000 aggregate principal amount of Colton Public Financing <br />24 Authority Revenue Bonds, with such series designation as the Electric <br />25 Utility Director (the "Director") and the Treasurer of the City (the <br />26 "Treasurer") shall determine (the "Bonds"),, and that the Bonds be sold <br />27 in the manner described below; <br />211 <br />LA01 \6169\18256.3 95490.2 <br />