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1 <br />2i <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-102-88 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLTON <br />AUTHORIZING AND DIRECTING THE NOTICE OF SALE OF NOT TO <br />EXCEED $2,750,000 PRINCIPAL AMOUNT CERTIFICATES OF <br />PARTICIPATION (CORPORATION YARD PROJECT) AUTHORIZING <br />PREPARATION AND PUBLICATION OF AN OFFICIAL NOTICE OF <br />SALE, APPROVING A PRELIMINARY OFFICIAL STATEMENT, <br />AUTHORIZING THE SALE OF THE CERTIFICATES OF <br />PARTICIPATION ON CERTAIN TERMS AND CONDITIONS, <br />APPOINTING SPECIAL COUNSEL, AUTHORIZING CERTAIN OTHER <br />OFFICIAL ACTIONS AND PROVIDING FOR OTHER MATTERS <br />PROPERLY RELATING THERETO <br />WHEREAS, the City Council ("this City Counsel") of the <br />City of Colton (the "City"), has determined that it is in the <br />best interests of the City and its citizens that the City <br />participate in the financing of the acquisition, construction <br />and installation of a City corporation yard (the "Project"), <br />through a lease -purchase or installment sale financing <br />arrangement to be entered into by and between the City and a <br />California nonprofit public benefit corporation to be formed in <br />part for the purpose of entering into such financing, and the <br />execution, sale and delivery of Certificates of Participation in <br />a principal amount which shall not exceed $2,750,000, and which <br />will be designated "Certificates of Participation (Corporation <br />Yard Project)" (the "Certificates"); and <br />WHEREAS, it is desirable that the Certificates be <br />offered for public sale at this time; and <br />WHEREAS, the City desires to authorize the sale of the <br />Certificates upon the terms and conditions hereinafter set <br />forth; <br />NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED <br />BY THE CITY COUNCIL OF THE CITY OF COLTON, CALIFORNIA, AS <br />FOLLOWS: <br />