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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 II <br />RESOLUTION NO. R-168-86 <br />A RESOLUTION APPROVING JOINT POWERS AGREEMENT <br />BY AND AMONG THE CITY OF RANCHO CUCAMONGA, THE <br />CITY OF PALMDALE, THE CITY OF PORTERVILLE AND <br />THE CITY OF COLTON FOR THE PURPOSE OF FINANCING <br />HOME MORTGAGES, PROVIDING FOR THE TRANSFER OF <br />ALLOCATION AND PROVIDING FOR IMPLEMENTATION OF <br />A HOME MORTGAGE FINANCING PROGRAM. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />ICOLTON, AS FOLLOWS: <br />I. That the City make and enter into a "Joint Powers <br />Agreement To Create Rancho Cucamonga-Palmdale-Porterville and <br />Colton Housing Finance Agency to Exercise Common Powers of the <br />Cities of Rancho Cucamonga, Palmdale, Porterville and Colton <br />to Finance Home Mortgages Pursuant to Part 5 of Division 31 of <br />the Health and Safety Code of the State of California", such <br />Joint Powers Agreement to be in form this day presented to the <br />City Council, and the Mayor is hereby authorized to execute <br />such Joint Powers Agreement on behalf of the City and the City <br />Clerk is authorized to attest the Mayor's signature thereto <br />and to affix thereto the seal of the City. <br />2. That the total allocation to issue single family <br />mortgage revenue bonds assigned to the City of Colton by the <br />Mortgage Bond Allocation Committee pursuant to its Resolution <br />No. 86-55, adopted October 29, 1986, is hereby assigned to the <br />Rancho Cucamonga-Palmdale-Porterville-Colton Housing Finance <br />Agency, provided that such assignment shall not be effective <br />unless and until any required transfer or approval of such <br />assignment of allocation shall be obtained or granted. <br />