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ITEM #3 <br />$5 Million Loan <br />(3) TIME AND PLACE FIXED TO CONSIDER THE QUESTION OF WHETHER THE <br />CITY SHOULD APPROVE THE ISSUANCE BY THE COLTON PUBLIC <br />FINANCING AUTHORITY OF ITS 2005 TAXABLE LEASE REVENUE NOTE IN <br />THE PRINCIPAL AMOUNT OF NOT TO EXCEED $5,000,000 PURSUANT TO <br />THE PROVISIONS OF THE ARTICLE 4 (COMMENCING WITH SECTION 6584) <br />OF CHAPTER 5 OF DIVISION 7 OF TITLE 1 OF THE GOVERNMENT CODE <br />OF THE STATE OF CALIFORNIA. THE PROCEEDS OF THE BONDS, IF ANY <br />ARE ISSUED, WILL BE ALLOCATED FOR THE PURPOSE OF IMPROVING <br />CERTAIN PROPERTY OF THE CITY FOR USE IN CONNECTION WITH A <br />RECREATIONAL FACILITY. <br />MATTER TO BE CONTINUED TO JULY 199 2005. <br />