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ITEM #3 <br />$5 Million Loan <br />(3) TIME AND PLACE FIXED TO CONSIDER THE CONTINUED PUBLIC <br />HEARING FROM JUNE 7, 2005, THE QUESTION OF WHETHER THE CITY <br />SHOULD APPROVE THE ISSUANCE BY THE COLTON PUBLIC FINANCING <br />AUTHORITY OF ITS 2005 TAXABLE LEASE REVENUE NOTE IN THE <br />PRINCIPAL AMOUNT OF NOT TO EXCEED $5,000,000 PURSUANT TO THE <br />PROVISIONS OF THE ARTICLE 4 (COMMENCING WITH SECTION 6584) OF <br />CHAPTER 5 OF DIVISION 7 OF TITLE 1 OF THE GOVERNMENT CODE OF <br />THE STATE OF CALIFORNIA. THE PROCEEDS OF THE BONDS, IF ANY ARE <br />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 5, 2005. <br />