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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 />ORDINANCE NO. 0-04-07 <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br />COLTON, CALIFORNIA, ELIMINATING THE TIME LIMIT FOR <br />ESTABLISHING LOANS, ADVANCES AND OTHER <br />INDEBTEDNESS TO BE REPAID WITH TAX INCREMENT <br />REVENUES UNDER THE REDEVELOPMENT PLAN FOR THE <br />WEST VALLEY REDEVELOPMENT PROJECT PURSUANT TO <br />HEALTH AND SAFETY CODE SECTION 33333.6(e)(2)(B) <br />WHEREAS, the Redevelopment Agency for the City of Colton ("the Agency") is a <br />Ipublic body, corporate and politic, formed organized, existing and exercising its powers <br />pursuant to the California Community Redevelopment Law, Health and Safety Code <br />Section 33000, et seq. (the CRL"); and <br />WHEREAS, the City Council of the City of Colton (the "City") adopted the <br />IRedevelopment Plan for the West Valley Redevelopment Project by Ordinance No. 0-9-87 <br />on June 30, 1987 (the "Redevelopment Plan"); and <br />WHEREAS, the Redevelopment Agency for the City of Colton (the "Agency") is <br />engaged in activities necessary to implement the Redevelopment Plan; and <br />WHEREAS, the Redevelopment Plan currently provides, among other things, that <br />the authority to establish loans, advances or other indebtedness to be repaid from property <br />taxes received by the Agency pursuant to the Redevelopment Plan expires on June 30, 2007 <br />(the "Debt Incurrence Deadline"); and <br />WHEREAS, pursuant to CRL Section 33333.6(e)(2)(B), the Debt Incurrence <br />Deadline may be eliminated by adoption of an ordinance ("Ordinance") of the City Council <br />of the City; and <br />