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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 />201 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />RESOLUTION NO. P.-73-87 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />AUTHORIZING A LOAN FROM THE CITY OF COLTON TO THE <br />REDEVELOPMENT AGENCY OF THE CITY OF COLTON AND <br />AUTHORIZING THE MAYOR TO EXECUTE THE LOAN AGREEMENT <br />WHEREAS, the City Coisicil of the City of Colton is authorized by <br />California Health & Safety Code Section 33610 to appropriate to the <br />Redevelopment Agency for the City of Colton (the "Agency") such amounts as <br />necessary for the administrative expenses and overhead of the Agency for <br />the City of Colton; and <br />WHEREAS, the Agency is authorized by California Health & Safety <br />Code Section 33601 to borrow money or accept financial assistance from any <br />other public agency for any redevelopment project within its area of <br />operations; <br />WHEREAS, the Redevelopment Agency for the City of Colton has <br />requested a loan from the City of Colton for administrative expenses to be <br />repaid upon such terms and conditions as are set forth in the loan agreement. <br />NOW, THEREFORE, the City Council of the City of Colton resolves <br />that said agreement is hereby approved and the Mayor is hereby authorized to <br />execute same for the City of Colton. <br />PASSED, APPROVED AND ADOPTED this 16th day of June, 1987. <br />ATTEST: <br />Helen A. Ramos, CMC <br />CITY CLERK <br />