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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 />N <br />X o <br />W CDU� W N CD 13 <br />IL <br />m W 0 a <br />WVW0W 14 <br />U c6 wLL <br />O <br />IL oN<rLU 15 <br />m00W <br />JH 0UIN 16 <br />W vna.w <br />m 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. 4398 <br />A RESOLUTION OF THE CITY COUNCIL OF THE <br />CITY OF COLTON APPROVING DOCUMENTS FOR <br />THE ISSUANCE OF MULTIFAMILY HOUSING <br />REVENUE BONDS <br />WHEREAS, there is a shortage in the City of Colton <br />(the "City") and the County of San Bernardino (the "County") of <br />decent, safe and sanitary housing which is affordable by persons <br />in the lower end of the income spectrum and a consequent need to <br />encourage the construction of rental units affordable by such <br />persons and otherwise to increase the housing supply in the City <br />and in the County for such persons; and <br />WHEREAS, the City is authorized pursuant to Chapter 7 <br />(commencing with Section 52075) of Part 5 of Division 31 of the <br />California Health and Safety Code (the "Act") to provide assist- <br />ance in financing multifamily residential rental housing develop- <br />ments within the City; and <br />WHEREAS, on June 21, 1983, the City Council of the <br />City adopted Resolution No. 4341 declaring its intention to <br />issue bonds for a multifamily rental housing project (the <br />"Project") to be constructed by First City Properties, Inc. ; and <br />WHEREAS, the successor in interest to First City <br />Properties, Inc. for the development of the Project is First <br />City Development Corp. of California, a California corporation <br />and a subsidiary of First City Properties, Inc. and is referred <br />to herein as the "Developer"; and <br />WHEREAS, the City Council has duly caused to be pub- <br />lished a notice of a public hearing regarding the issuance of <br />