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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-130-96 <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />COLTON, ACTING AS THE LEGISLATIVE BODY OF COMMUNITY <br />FACILITIES DISTRICT NO. 89-1 OF THE CITY OF COLTON, <br />AUTHORIZING THE ISSUANCE OF SPECIAL TAX REFUNDING <br />BONDS AND APPROVING THE FORM OF THE BOND INDENTURE, <br />ESCROW AGREEMENT, AND ACQUISITION AGREEMENT, ALL <br />IN CONNECTION WITH THE REFINANCING OF CERTAIN PUBLIC <br />CAPITAL IMPROVEMENTS BENEFITING THE COMMUNITY <br />FACILITIES DISTRICT. <br />WHEREAS, the City Council of the City of Colton, acting as the legislative body for <br />the Community Facilities District No. 89-1 (the "CFD"), previously conducted proceedings <br />for the construction of certain public improvements pursuant to the terms and provisions of the <br />"Mello -Roos Community Facilities Act of 1982", being Chapter 2.5, Part 1, Division 2, Title <br />5 of the Government Code of the State of California (the "Act"); <br />WHEREAS, this legislative body to provide funds for the construction of the public <br />capital improvements issued its City of Colton Community Facilities District No. 89-1 (Pacific <br />Summit) Special Tax Bonds Series 1990 in the aggregate principal amount of $2,900,000 (the <br />"Prior Bonds") pursuant to the terms and provisions of the Act and a Bond Indenture dated as <br />December 19, 1989 entered into and approved by the City (the "Prior Bond Indenture"); <br />WHEREAS, at this time this legislative body is desirous to refund the Prior Bonds as <br />provided in the Prior Bond Indenture and to cause the economic defeasance of the Prior Bonds <br />and the Prior Bond Indenture by issuing, selling and delivering the CFD's Special Tax <br />Refunding Bonds (the "Refunding Bonds") in the aggregate principal amount not to exceed <br />$3,100,000 pursuant to the terms and provisions of the Act and a Bond Indenture dated as of <br />November 1, 1996 and entered into by and between the City, on behalf of the CFD, and First <br />Trust of California, N.A., as Fiscal Agent (the "1996 Indenture"); <br />WHEREAS, the City, acting on behalf of the CFD, and the Colton Public Financing <br />Authority (the "Authority") deem it desirable and a public benefit for the Authority to issue <br />and sell approximately $6,475,000 aggregate principal amount of its Special Tax Revenue <br />RESCFD.891 <br />