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1 RESOLUTION NO. 4520 <br />y <br />2 A RESOLUTION OF THE CITY COUNCIL OF THE <br />3 CITY OF COLTON APPROVING DOCUMENTS FOR <br />THE ISSUANCE OF MULTIFAMILY HOUSING <br />4 REVENUE BONDS <br />5 WHEREAS, there is a shortage in the City of Colton <br />6 (the "City") and the County of San Bernardino (the "County") <br />7 of decent;, safe and sanitary housing which is affordable by <br />8 persons in the lower end of the income spectrum and a conse- <br />9 quent need to encourage the construction of rental units <br />10 affordable by such persons and otherwise to increase the <br />11- housing supply in the City and in the County for such persons; <br />12 and <br />13 WHEREAS, the City is authorized pursuant to Chapter <br />14 7 (commencing with section 52075) of Part 5 of Division 31 of <br />15 the California Health and Safety Code (the "Act") to provide <br />16 assistance in financing multifamily residential rental housing <br />17 developments within the City; and <br />18 WHEREAS, on June 21, 1983, the City Council of the <br />19 City adopted Resolution No. 4341 declaring its intention to <br />20 issue bonds for a multifamily rental housing project (the <br />21 "Project") to be constructed by First City Properties Inc.; <br />22 and <br />23 WHEREAS, the successor in interest to First City <br />24 Properties, Inc., for the development of the Project is <br />25 Centrepointe Apartments, Ltd., a California limited partner - <br />26 ship, and is referred to herein as the "Developer"; and <br />27 WHEREAS', the City council has duly caused to be <br />28 published a notice of a public hearing regarding the issuance <br />