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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 />I the Authority, a Lease Agreement (the "Lease Agreement"), by and between the Authority <br />I and the City, an Agency Agreement (the "Agency Agreement"), by and between the <br />Authority and the City, two Escrow Agreements (the "Escrow Agreements"), each by and <br />between the Authority and the Trustee, as escrow agent, and a Continuing Disclosure <br />Agreement (the "Continuing Disclosure Agreement") by and between the City and the <br />Trustee, acting as dissemination agent thereunder; and <br />WHEREAS, the City has heretofore held a public hearing pursuant to Section <br />6586.5 of the California Government Code; and <br />WHEREAS, the Authority has approved issuance of the Bonds and the use of the <br />proceeds thereof to finance and refinance the Projects; <br />NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Colton (the <br />"City Council") as follows: <br />Approval of Bonds. The City Council hereby approves the issuance of the Authority's <br />Lease Revenue Bonds, 2007 Series B, in the aggregate principal amount not to exceed <br />$14,200,000. <br />Finding of Significant Public Benefits. The City Council hereby finds that (i) the public <br />capital improvements are to be located within the boundaries of the City and (ii) there are <br />significant public benefits arising from the Authority's issuance of the Bonds to finance <br />such public capital improvements as contemplated by Section 6586 of the California <br />Government Code. <br />Approval of the Project Lease. The City Council hereby approves the Project Lease in <br />substantially the form annexed hereto as Exhibit A. The Mayor, the City Manager, the <br />Treasurer or the Finance Director (each, a "Responsible Officer") are each hereby <br />authorized to execute the Project Lease in substantially the form annexed hereto as <br />Exhibit A, with such revisions, amendments and completions as shall be approved by a <br />Responsible Officer, with the advice of Bond Counsel, such approval to be conclusively <br />evidenced by the execution and delivery thereof. <br />Approval of the Lease Agreement. The City Council hereby approves the Lease <br />Agreement in substantially the form annexed hereto as Exhibit B. Any Responsible Officer <br />is hereby authorized to execute the Lease Agreement in substantially the form annexed <br />hereto as Exhibit B, with such revisions, amendments and completions as shall be approved <br />2 <br />