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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. 448,1 <br />A RESOLUTION DECLARING THE INTENTION OF <br />THE CITY OF COLTON TO ESTABLISH A HOME <br />FINANCING PROGRAM AND APPROVING FINANCING <br />DOCUMENTS, INCLUDING A BOND PURCHASE <br />AGREEMENT, WITH RESPECT TO ITS SINGLE <br />FAMILY RESIDENTIAL MORTGAGE REVENUE BONDS <br />1984 SERIES A <br />WHEREAS, the City of Colton (the "City"), under <br />provisions of Part Five of Division 31 of the Health and <br />Safety Code of the State of California (commencing with <br />Section 52000), hereinafter referred to as the "Act," is <br />legally authorized to issue its bonds and to use the proceeds <br />thereof to defray the costs -of acquiring home mortgages or <br />making loans to lending institutions in order to enable them <br />to make home mortgages and <br />WHEREAS, there presently exists within the City a <br />shortage of decent, safe and sanitary housing which is <br />affordable to many persons, particularly as high interest <br />rates have the effect of diminishing the number of otherwise <br />creditworthy buyers from qualifying for private sector <br />mortgage capital sources; and <br />WHEREAS, the City wishes to declare its intention <br />to establish a home financing program under the Act and <br />wishes further to declare its intention to authorize an issue <br />Of its mortgage revenue bonds for the purpose of financing <br />said program,` upon such terms and conditions as may be agreed <br />upon by the City and participants in said program; and <br />WHEREAS, there has heretofore been. prepared. and <br />circulated an appropriate notice to qualified lending <br />