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i� <br />'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 />MI <br />RESOLUTION N0. 4509 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br />OF COLTON AUTHORIZING THE PREPARATION AND <br />FILING OF A NOTICE FOR AN ALLOCATION OF <br />RESIDENTIAL MORTGAGE REVENUE BONDS FROM THE <br />CALIFORNIA MORTGAGE BOND ALLOCATION COMMITTEE <br />WHEREAS, the City of Colton (the "City") is authorized <br />under provisions of Part 5 of Division 31 of the Health and Safety <br />Code of the State of California (commencing with Section,52000 and <br />referred to herein as "AB 1355") to issue its bonds and to use the <br />proceeds thereof to defray the costs of acquiring home mortgages; <br />and <br />WHEREAS, the City contemplates establishing a home <br />financing program under AB 1355; and <br />WHEREAS, the City further contemplates an issue of its <br />mortgage revenue bonds under AB 1355 for the purpose of financing <br />said program, all upon such terms and conditions as may sub- <br />sequently be agreed upon by the City and any participants in said <br />{1 program; and. <br />WHEREAS, in order to obtain an allocation from the <br />California Mortgage BondAllocation Committee in order to issue <br />such bonds within the limits imposed by the Federal Mortgage <br />Subsidy Bond Act of 1980, it is necessary that the City file a <br />notice with said Committee pursuant to the provisions of the <br />Costa -Marks Housing Bond Allocation Act of 1981 (Section 50172 <br />,and following of the Health and Safety Code and referred to <br />herein as the "Costa -Marks Act"); and <br />WHEREAS; the City is required pursuant to provisions..of <br />ISection 50191 of the Costa -Marks Act to collect a fee from <br />