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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 />RESOLUTION NO. R-156-86 <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON AMENDING RESOLUTION <br />NO. 4669 AND RELATING TO THE PROPOSED <br />ISSUANCE OF OBLIGATIONS TO PROVIDE <br />ASSISTANCE IN FINANCING A MULTIFAMILY <br />RENTAL HOUSING PROJECT (FAIRWAY <br />APARTMENTS) <br />WHEREAS, the City Council of the City of Colton <br />("this City Council") is authorized pursuant to Chapter 7 <br />(commencing with Section 52075) of Part 5 of Division 31 of <br />the California Health and Safety Code (the "Act") to provide <br />assistance in financing multifamily residential rental <br />housing developments within the City of Colton (the "City"); <br />and <br />WHEREAS, Henderson Development Company, Inc., a <br />California corporation (the "Developer") has heretofore <br />requested assistance in financing the acquisition and <br />construction of an approximately 336 -unit multifamily rental <br />housing project proposed to be located at the intersection <br />of Fairway and Sperry Drives in the City (the "Project"); <br />and <br />WHEREAS, this City Council, in order to encourage <br />and foster the construction of multifamily rental housing <br />development within the City and as an aid and inducement to <br />the Developer, adopted its Resolution No. 4669 (the <br />"Inducement Resolution") on October 15, 1985 indicating its <br />intention to issue obligations in an amount not to exceed <br />$14,000,000 to provide financing for the Project subject to <br />the restrictions of the Act and all applicable California <br />